The IASB met in London on 20 and 22 May 2024. The following topics were discussed:

Post-implementation review (PIR) of IFRS 9—Impairment: The IASB deliberated on the feedback received in response to its Request for Information Post-implementation Review—IFRS 9 Financial Instruments—Impairment with regard to credit risk disclosures and other matters. The IASB decided to classify as medium priority the matters related to disclosure requirements in IFRS 7 and to add to its research pipeline a project to make targeted improvements to those requirements. The IASB also decided to take no action on matters related to the simplified approach for recognising expected credit losses and the addition of illustrative examples to IFRS 9 for some types of financial instruments, such as those between related parties. Finally, the IASB decided to conclude the PIR.

Financial instruments with characteristics of equity: The staff provided a high-level summary of the feedback and key themes emerging from comment letters that have been received in response to the Exposure Draft (ED) Financial Instruments with Characteristics of Equity and from investor outreach activities. No decisions were made.

Second comprehensive review of the IFRS for SMEs Accounting Standard: The IASB continued the redeliberations of its proposals in the ED Third edition of the IFRS for SMEs Accounting Standard. The IASB made decisions with regard to Section 9 Consolidated and Separate Financial Statements, Section 23 Revenue from Contracts with Customers, differences between the ED and IFRS 19, and transition requirements.

Proposed IFRS Taxonomy Update—Contracts for Renewable Electricity: The IASB received an oral update on the staff’s recommendation to develop a proposed IFRS Taxonomy update based on Exposure Draft Contracts for Renewable Electricity. The Due Process Oversight Committee’s (DPOC) permission is required to publish a proposed IFRS Taxonomy update based on an exposure draft before the related standard or amended standard is issued. The IASB agreed with the staff’s recommendation to the DPOC.

Rate-regulated activities: The IASB continued the redeliberations of its proposals in the ED Regulatory Assets and Regulatory Liabilities. The IASB decided that the final standard should clarify that the income tax consequences of a regulatory asset or regulatory liability may give rise to a separate regulatory asset or regulatory liability and that an entity would determine the tax base of a regulatory asset or regulatory liability by applying the requirements in IAS 12. The IASB also decided that the final standard retain the proposal to delete the temporary exception in IAS 8:54G.

PIR of IFRS 15 Revenue from Contracts with Customers: The IASB analysed the feedback related to matters not discussed in previous meetings. The IASB decided to take no further action on application matters related to allocating the transaction price to performance obligations and other aspects of applying IFRS 15 raised by respondents.