Summary of Transition Implementation Group on IFRS S1 and IFRS S2 meeting held on 15 March 2024 (Agenda Paper 9)

This paper provided a summary of the March 2024 Transition Implementation Group on IFRS S1 and IFRS S2 (TIG) meeting. This paper set out:

• background and staff observations about the meeting; and
• next steps.

The TIG discussed two topics:

• Topic 1—Application of paragraph 29(b)–(c) of IFRS S2, using ISSB Standards and related materials
• Topic 2—Revision of preceding period estimated amounts

No decisions were requested from the ISSB.

ISSB discussion

ISSB members commended the high quality of the staff papers and the TIG discussions. There was no significant discussion on the technical aspects of the discussions, except that one ISSB member noted for Topic 2 that it was good to clarify during the discussions of the TIG that the narrative around the estimates should also be updated not only the estimates itself.