Board work plan update: The staff provided an overview of the work plan. In particular, the staff presented completed projects, new projects, expected consultation documents and expected project completions.

Post-implementation review (PIR) of IFRS 9—Impairment: The IASB deliberated the feedback received in response to its request for information Post-implementation Review—IFRS 9 Financial Instruments—Impairment. The IASB decided not to take any further action on the matters raised by respondents regarding the use of forward-looking scenarios and post-model adjustments or management overlays in measuring expected credit losses.

Power purchase agreements: The IASB decided to propose amendments to the own-use requirements and to the hedge accounting requirements in IFRS 9. The IASB also decided to propose a scope for the amendments, as well as disclosure and transition requirements. The IASB gave permission to the staff to begin the balloting process for the exposure draft, which will have a shortened comment period of 90 days.

Second comprehensive review of the IFRS for SMEs standard: The IASB continued the redeliberations of its proposals in the exposure draft (ED) Third edition of the IFRS for SMEs Accounting Standard. In particular, the IASB decided to finalise the proposed amendments to Section 23 Revenue from Contracts with Customers and Section 2 Concepts and Pervasive Principles with some modifications. The IASB also made decisions with regard to other minor issues that were raised by respondents to the ED.

Climate-related and other uncertainties in the financial statements: The staff explained the approach it has taken to develop examples illustrating how to apply requirements in IFRS Accounting Standards to report the effects of climate-related and other uncertainties in financial statements.

Maintenance and consistent application: The IASB decided that some of the disclosure requirements in the forthcoming exposure draft (ED) Use of a Hyperinflationary Presentation Currency by a Non-hyperinflationary Entity should also apply to subsidiaries without public accountability. The IASB gave permission to ballot the ED.

PIR of IFRS 15 Revenue from Contracts with Customers: The IASB decided that no further action should be taken with regard to determining the transaction price, determining when to recognise revenue and disclosure requirements of IFRS 15.

Equity method: The IASB reconfirmed its tentative decisions regarding transitional requirements for the proposed amendments to IAS 28 and gave permission to start the balloting process for the exposure draft.

Management commentary: The IASB discussed the direction of the management commentary project. The staff had identified the following four broad alternative directions that the IASB could take: finalise the project; retire the project; undertake a broader project; and keep the project on hold. IASB members had mixed views on the alternatives but were not asked to make a decision. The alternatives will be discussed at a future meeting.

Catch-up exposure draft of the forthcoming IFRS 19 Subsidiaries without Public Accountability: Disclosures: The IASB decided which disclosure requirements from the forthcoming IFRS 18 Presentation and Disclosure in Financial Statements to propose in the “catch-up exposure draft” following the publication of IFRS 19.

Rate-regulated activities: The IASB continued to redeliberate the proposals in the exposure draft Regulatory Assets and Regulatory Liabilities. In particular, the IASB made decisions on the discount rate and reduced disclosure requirements.