The following topics are on the agenda:

Equity method: The IASB will be asked to clarify several matters arising from its tentative decisions and decide whether to propose amendments to IFRS Accounting Standards; and consider which, if any, of the disclosure requirements to be proposed in the future exposure draft should also be proposed as amendments to the forthcoming IFRS Accounting Standard Subsidiaries without Public Accountability: Disclosures.

Second comprehensive review of the IFRS for SMEs standard: The IASB will consider feedback on the proposals in the ED on Section 9 Consolidated and Separate Financial Statements, Section 19 Business Combinations and Goodwill and Section 23 Revenue from Contracts with Customers.

Maintenance and consistent application: The IASB will discuss the staff’s analysis of feedback received in response to exposure draft Annual Improvements to IFRS Accounting Standards—Volume 11; and its project on use of a hyperinflationary presentation currency by a non-hyperinflationary entity (IAS 21), in particular the disclosure and transition requirements, as well as the due process requirements.

PIR of IFRS 9—impairment: In this meeting, the IASB will deliberate the feedback received in response to its request for information Post-implementation Review—IFRS 9 Financial Instruments—Impairment. The deliberation will be focused on the two overarching areas of the impairment requirements—the general approach to recognition of the expected credit loss (ECL) and determining significant increases in credit risk (SICR).

PIR of IFRS 15 Revenue from Contracts with Customers: The IASB will discuss feedback received in response to its request for information Post-implementation Review—IFRS 15 Revenue from Contracts with Customers, in particular with regard to identifying performance obligations in a contract, principal versus agent considerations and licensing.

Power purchase agreements: The staff will provide an update on the project and outline the next steps for the project.

IFRS 9 amendments to classification and measurement: The staff will present its analysis and recommendations relating to feedback on the disclosure requirements relating to contractual terms that could change the contractual cash flows of financial assets and financial liabilities not measured at fair value through profit or loss; and the effective date and transition requirements for the final amendments. The staff will also request permission to begin the balloting process for the final amendments and considers which of the new or amended disclosure requirements should apply to subsidiaries without public accountability.

Rate-regulated activities: The IASB will continue to redeliberate the proposals in the exposure draft Regulatory Assets and Regulatory Liabilities, in particular the boundary of a regulatory agreement, amendments to IAS 36 and disclosure.

In addition, the Board will receive a short oral update on changes to its work plan.

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

In the episode, speakers from various organisations explore how companies can better adapt to regulatory changes, with a focus on the challenges and opportunities of sustainability data and links with the SDGs.

The podcast can be accessed via the podcast page on the GRI website. 

The exposure drafts propose a globally applicable and comprehensive open-source methodology for valuing organisational social and environmental impact that is designed for incorporation into financial analysis and organisational planning and decision-making. The comment period ends on 8 April 2024.

The exposure drafts can be accessed on the VBA website:

• Environmental Methodology 1 — Greenhouse Gas Emissions
• Social Methodology 1 — Adequate Wages

EFRAG is undertaking preparatory work in anticipation of the IASB's request for information related to the post-implementation review of IFRS 16 Leases that is expected to commence in Q4 2024. In order to develop a preliminary list of application issues arising from applying IFRS 16, EFRAG has launched the survey to collect input about the overall assessment of and experience with IFRS 16. EFRAG is also interested in understanding whether there is new evidence suggesting the need for a change in the standard.

Please click to access the survey on the EFRAG website. Comments are requested by 22 April 2024.

A separate user survey will be published in the near future.

The updated agenda for the meeting can be found here.

ED/2023/5 was published by the IASB in November 2023.

The UKEB supports the IASB’s objectives in developing the Amendments and is broadly supportive of the proposals. Whilst supporting the proposals in the ED, the UKEB highlights the importance of providing clarity and minimising the risk of diversity in accounting practice in this complex area.  As such, the draft comment letter sets out a number of observations and recommendations to enhance the proposals which have been identified from analysis and outreach with stakeholders.

Comments on the draft comment letter are requested by 8 March 2024.

The draft comment letter and the invitation to comment are available on the UKEB website.

The Board will discuss the following:

• Second comprehensive review of the IFRS for SMEs Standard
• Maintenance and consistent application
• PIR of IFRS 9
• PIR of IFRS 15
• Equity Method
• Amendments to classification and measurement
• Rate-regulated activities
• Power purchase agreements

The full agenda for the meeting can be found here. We will post any updates to the agenda, our comprehensive pre-meeting summaries, as well as observer notes from the meeting on this page as they become available.

The full agenda for the meeting can be found here. We will post any updates to the agenda, our comprehensive pre-meeting summaries, as well as observer notes from the meeting on this page as they become available.

However, the provisional agreement suggests that the European Commission publishes eight sector-specific reporting standards as soon as they are ready before the new deadline on 30 June 2026. 

The agreement now needs to be endorsed and formally adopted by both institutions.

For more information, please see the press release on the website of the Council of the EU.

The update reports on the EFRAG's Financial Reporting Board (EFRAG FRB) webcast meeting on 30 January 2024, the EFRAG FRB and the EFRAG Financial Reporting Technical Expert Group (EFRAG FR TEG) joint webcast meeting on 8 January 2024, EFRAG FR TEG meetings on 18 and 19 January 2024 and EFRAG FR TEG and EFRAG Consultative Forum of Standard Setters (EFRAG CFSS) joint webcast meeting on 26 January 2024.