The following topics are on the agenda:

Power Purchase Agreements: In this meeting, the staff will present the research on how to address accounting issues related to power purchase agreements. Based on the findings of the research and other input received from stakeholders the staff recommends that the IASB undertake narrow-scope standard-setting to amend IFRS 9 to better reflect power purchase agreements in the financial statements with the next project milestone to be an exposure draft and explore an approach to this standard-setting that includes amending the ‘own use’ and hedge accounting requirements in IFRS 9.

Work plan: The IASB will receive an update on its work plan. In addition, the IASB will make decisions about the timing of the post-implementation reviews of IFRS 16 and the hedge accounting requirements in IFRS 9.

Rate-regulated Activities: The IASB will make decisions on the proposals in the Exposure Draft Regulatory Assets and Regulatory Liabilities, in particular with regard to unit of account and offsetting, presentation and items affecting regulated rates only when related cash is paid or received.

Maintenance and consistent application: The IASB will discuss potential amendments to IAS 21 to require an entity to translate all items (assets, liabilities, equity items, income and expenses, including comparatives) at the most recent closing rate if the entity has a non-hyperinflationary functional currency and presents its financial statements in a hyperinflationary presentation currency; or translates the results and financial position of a foreign operation that has a non-hyperinflationary functional currency into a hyperinflationary presentation currency.

Climate-related and Other Uncertainties in Financial Statements: The staff will inform the IASB about current initiatives in progress to address issues related to the reporting of climate-related and other uncertainties in financial statements, including their status and upcoming steps

Management Commentary: The IASB will receive an update on the project. Potential next steps could include collaborating with the ISSB in advancing the project; proceeding with the IASB project and drawing on input from the ISSB where necessary; or pausing the project until the new reporting landscape becomes more settled.

Provisions—Targeted Improvements: The IASB will discuss the direction of the project. The staff recommend that the IASB continue developing proposed amendments to IAS 37 and make the next project milestone the publication of an exposure draft for stakeholder comment.

Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard: The IASB will discuss the staff recommendation to publish an addendum exposure draft that proposes amendments to the IFRS for SMEs Standard to align Section 7 Statement of Cash Flows with Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) and Section 30 Foreign Currency Translation with Lack of Exchangeability (Amendments to IAS 21).

Second Comprehensive Review of the IFRS for SMEs Accounting Standard: In this session, the IASB will continue the redeliberation of its proposals in the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard. The staff recommends that the IASB should finalise the proposals for the new Section 12 Fair Value Measurement without significant amendments to its overall content. The staff further recommends that the IASB does not amend Section 9 Consolidated and Separate Financial Statements to include requirements for investment entities and to remove the requirement from Section 22 Liabilities and Equity to present the amount receivable as an offset to equity in its statement of financial position if the equity instruments are issued before the entity receives the cash or other resources.

Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures: The IASB will decide whether to update the Exposure Draft Subsidiaries without Public Accountability: Disclosures for disclosure requirements in the forthcoming IFRS 18 Presentation and Disclosure in Financial Statements.

Our pre-meet­ing summaries is available on our December meeting notes page and will be sup­ple­mented with our popular meeting notes after the meeting.