The following topics are on the agenda:

Business Combinations—Disclosures, Goodwill and Impairment: The staff recommend that the IASB not proceed with its preliminary view to remove the requirement to perform a quantitative impairment test each year and should retain the requirement for an entity to perform an annual impairment test. The staff also recommend that the IASB maintain its preliminary view that it is infeasible to design a different impairment test that is significantly more effective at a reasonable cost.

IASB work plan update: The staff will provide an update on the IASB’s work plan since its last update in March 2023.

Post-implementation review (PIR) of IFRS 15: The IASB will be asked to approve the publication of a Request for Information (RFI) for the PIR of IFRS 15 and whether it agrees with a comment period of 120 days. The publication of the RFI is expected for the end of June 2023.

Maintenance and consistent application: The IASB will discuss further potential annual improvements as well as their effective date and whether early application should be permitted. The staff are asking for approval to begin the balloting process for the upcoming Exposure Draft.

Primary Financial Statements: The IASB will discuss staff recommendations about investments in associates and joint ventures accounted for using the equity method. The IASB will also discuss issues related to management performance measures and IFRS 8.

Subsidiaries without Public Accountability: The IASB will make decisions on whether to retain the disclosure requirements proposed in the draft Standard, after making some targeted changes. The IASB will also discuss the paragraph in the draft Standard that addresses materiality of disclosure requirements as well as disclosure requirements about transition in other IFRS Accounting Standards. Furthermore, the staff will ask the IASB whether disclosure requirements in IFRS Accounting Standards that have been issued since the draft Standard was developed should apply to eligible subsidiaries applying the new Standard.

Management Commentary: The staff will hold an educational session on the comparison between the Management Commentary Exposure Draft and the Integrated Reporting Framework.

Dynamic Risk Management (DRM): The IASB will discuss potential illustrative examples of the application of the current DRM model to support stakeholders in their analysis of the model requirements.

Financial Instruments with Characteristics of Equity (FICE): The staff recommend consequential amendments resulting from the forthcoming FICE Exposure Draft (ED) to the forthcoming Subsidiaries without Public Accountability Standard. The staff will also ask for permission to begin the balloting process for the ED.

Rate-regulated Activities: The IASB will discuss the staff analysis and recommendations on the proposals relating to initial recognition of regulatory assets and liabilities in the Exposure Draft Regulatory Assets and Regulatory Liabilities.

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