Date recorded:

The IASB met on Monday 20, Tuesday 21, Thursday 23 and Friday 24 September 2021.

The following topics were discussed:

Board work plan update: In this session, the staff provided an overview of the Board’s technical projects to support decisions about whether to add or remove projects and assessments of overall progress on the work plan, including project prioritisation and timing. No decisions have been made.

Goodwill and Impairment: At the July meeting, the Board said they would like additional information about the disclosures about business combinations to be proposed, and further analysis of the feedback received on the subsequent accounting for goodwill, to help them make their decisions. In response to this, the staff updated the project plan to provide this information to the Board and have now presented the updated project plan for comments from Board members. The Board supported the revised project plan.

Post-implementation review of IFRS 9: In this session, the Board approved the publication of the Request for Information (RFI), which will be published on 30 September 2021. The Board agreed a 120-day comment period for the RFI.

Primary Financial Statements: At this meeting, the Board continued its deliberations of the comments received on ED/2019/7, particularly on management performance measures (MPMs) and principles of aggregation and disaggregation.

The Board decided to amend the definition of MPMs to remove the reference to complementing totals or subtotals specified by IFRS Standards and to state that totals and subtotals specified by IFRS Standards are not MPMs.

In addition, the Board decided to set out the relationship between the general presentation and disclosure requirements and the principles of aggregation and disaggregation.

The Board also decided to require an entity to explain how a disclosed class of items is included in line items in the primary financial statements.

Furthermore, the Board decided to include application guidance summarising characteristics that if shared, might form the basis for aggregating items that comprise a class that enhances the understandability of information provided in the financial statements and if not shared, might form the basis for disaggregating a single class of items into separate classes that provide material information.

Dynamic Risk Management: In this session, the staff presented its preliminary views on potential refinements to the DRM model which aim to closer align the DRM model to entities’ risk management practices by incorporating the concept of risk limits into the target profile. The Board was not asked to make a decision. Instead, the staff sought feedback from the Board on the potential refinements, which will be taken back to draft the refinements and present them to the Board at a future meeting.

Extractive Activities: The Board continued its discussions on extractive activities. The staff presented their further analysis on matters relating to exploration and evaluation (E&E) expenditure and activities, matters primarily relating to development and production activities, and reserve and resource (R&R) information. The Board decided that the future focus of the Extractive Activities project should be the development of requirements or guidance to improve the disclosure objectives and requirements in IFRS 6 about an entity’s E&E expenditures and activities. Furthermore, the Board decided to amend the Basis for Conclusions of IFRS 6 to remove the temporary status of the Standard.

Financial Instruments with Characteristics of Equity: In this session, the Board discussed the accounting for financial instruments that contain contingent settlement provisions and the effects of laws on contractual terms. The Board was not asked to make any decisions. Instead, the Board gave its views on these two practice issues and indicated that it would like to develop potential clarifications. The staff will take back the Board’s feedback to develop proposals for the clarified principles and bring back further analysis at a future meeting.


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