Onerous Contracts: After considering the comment letters received, the Board decided to finalise its amendments to IAS 37, to clarify that it is the costs that relate directly to the contract which are included in determining the ‘cost of fulfilling’ a contract for the purpose of assessing whether the contract is onerous.

Classification of Liabilities as Current or Non-current (Amendments to IAS 1): The Board instructed the staff to prepare the final amendments to IAS 1, with an effective date of 1 January 2022.

Business Combinations under Common Control: The Board discussed whether the forthcoming Discussion Paper should propose that an acquiring entity be required to account for a business combination under common control by applying either a current value approach based on the acquisition method or a predecessor approach. The current value approach would be required for transactions affecting non-controlling shareholders of the acquirer, with two exceptions, and the predecessor approach would apply for all other transactions.

Rate-regulated Activities: The Board discussed the regulatory agreement boundary, whether any additional amendments to other IFRS Standards are necessary and the proposed transition requirements. 

Management Commentary: The Board decided that the revised Practice Statement discuss faithful representation using qualities set out in the Conceptual Framework.

Disclosure Initiative: The Board is using IFRS 13 as one of the Standards to test the draft guidance on developing and drafting disclosure objectives and requirements and will discuss how the disclosure requirements could be improved.

Primary Financial Statements: The Board decided to replace IAS 1 with a new IFRS, rather than amending it.

SME standard review and update: The discussions focused on the scope of the IFRS for SMEs Standard, IAS 19, IAS 23, IFRS 11, accounting for cryptocurrencies and accounting for financial guarantee contracts of the IFRS for SMEs Standard.

Extractive Activities: The staff provided an overview of how changes to IFRS Standards and other documents, and other developments since the DP was published may affect the issues and conclusions in the DP. No decisions were made.

Financial Instruments with Characteristics of Equity: After considering the feedback on the Discussion Paper the Board decided to develop amendments to IAS 32 to address practice issues, clarifying the underlying principles in IAS 32.

The Board were given updates on the 2020 Agenda Consultation (the approach being proposed to developing the Request for Information), the planned Post-implementation review of IFRS 10, 11 and 12, the second phase of the project on IBOR Reform and the Effects on Financial Reporting, Subsidiaries that are SMEs and the Research Programme.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.