Pre-meeting summaries for the March 2023 IASB meeting

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16 Mar, 2023

The IASB meets in London on 20–23 March 2023. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

The following topics are on the agenda.

Climate-related risks in the financial statements: The IASB will start discussions on its project on climate-related risks in the financial statements. Particularly, the staff will present the origins of the project, the purpose of the project and the planned initial steps for the project. The IASB will not be asked to make any decisions on the project.

Work plan update: In this session, the staff will provide an update on the IASB’s work plan since the last update in December 2022. The purpose of the session is to provide a holistic view of the IASB’s technical projects to support decisions about whether to add or remove projects, as may be discussed in individual project papers and assessment of overall progress on the work plan, including project prioritisation and timing.

Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures: In this session, the IASB will continue its redeliberations of the relationship of the new IFRS Accounting Standard with the IFRS for SMEs Accounting Standard. The staff recommend that the IASB assess separately the costs and benefits for subsidiaries applying the reduced disclosure Standard and the costs and benefits for SMEs applying the IFRS for SMEs.

Equity Method: In this session, the IASB will discuss three application questions on its project to revise IAS 28. The staff recommend responses and actions with regard to these application questions.

Primary Financial Statements: The staff recommend detailed revisions to the Exposure Draft in the areas of disclosure of operating expenses by nature in the notes; management performance measures (MPMs)—rebuttable presumption; MPMs—relationship with the requirements of other IFRS Accounting Standards; MPMs—tax disclosure; issues related to categories in the statement of profit or loss; and issues related to the proposals for entities with specified main business activities.

Post-implementation Review of IFRS 15: The IASB will discuss which questions to include in the forthcoming Request for Information. In particular, the staff recommend questions on the standard as a whole and the convergence with US GAAP; the five steps of revenue recognition; principal versus agent considerations; licensing; disclosures; transition; and interaction with IFRS 9, IFRS 10 and IFRS 16.

Business Combinations—Disclosures, Goodwill and Impairment: In this session, the IASB will make decisions about some of the IASB’s preliminary views regarding reducing the cost and complexity of the impairment test, and some aspects of the proposed package of disclosure requirements in IFRS 3.

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

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