The IASB met in London on 19-22 February. The following topics were discussed:

Work plan: The staff gave an oral update on the forthcoming IFRS 19 Subsidiaries without Public Accountability: Disclosures.

Equity method: The IASB decided to clarify several matters arising from its tentative decisions and to propose amendments to IFRS Accounting Standards. The IASB also decided which of the disclosure requirements to be proposed in the future exposure draft will also be proposed as amendments to the forthcoming IFRS 19.

Second comprehensive review of the IFRS for SMEs standard: The IASB made decisions on the proposals in the ED Third edition of the IFRS for SMEs Accounting Standard on Section 9 Consolidated and Separate Financial Statements, Section 19 Business Combinations and Goodwill and Section 23 Revenue from Contracts with Customers.

Maintenance and consistent application: The IASB confirmed the proposed amendments in exposure draft Annual Improvements to IFRS Accounting Standards—Volume 11. The IASB also discussed its project on use of a hyperinflationary presentation currency by a non-hyperinflationary entity (IAS 21), and made decisions on the disclosure and transition requirements.

Post-implementation review (PIR) of IFRS 9—impairment: The IASB considered the feedback received in response to its request for information Post-implementation Review—IFRS 9 Financial Instruments—Impairment. The IASB made decisions on the two overarching areas of the impairment requirements—the general approach to recognition of the expected credit loss (ECL) and determining significant increases in credit risk (SICR).

PIR of IFRS 15 Revenue from Contracts with Customers: The IASB considered the feedback received in response to its request for information Post-implementation Review—IFRS 15 Revenue from Contracts with Customers. The IASB made decisions with regard to identifying performance obligations in a contract, principal versus agent considerations and licensing.

Power purchase agreements: The staff provided an update on the project and outlined the next steps for the project.

IFRS 9 amendments to classification and measurement: The IASB made decisions on the disclosure requirements relating to contractual terms that could change the contractual cash flows of financial assets and financial liabilities not measured at fair value through profit or loss; and the effective date and transition requirements for the final amendments. The IASB also gave permission to begin the balloting process for the final amendments and decided which of the new or amended disclosure requirements should apply to subsidiaries without public accountability.

Rate-regulated activities: The IASB made decisions on the proposals in the exposure draft Regulatory Assets and Regulatory Liabilities, in particular on the boundary of a regulatory agreement, amendments to IAS 36 and disclosure.