The Board will discuss the following:

• Business combinations under common controls
• Board work plan update
• Maintenance and consistent application
• Primary financial statements

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 new requirements do not affect financial reporting disclosures but do have an impact on the information included in, and linked from, the annual report of occupational pension schemes.

Click for the press release on the PRAG website. The guidance is available to PRAG members on its website.

The SMEIG will discuss the following topics:

• Definition of a business and reacquired rights in IFRS 3 Business Combinations
• Simplifications to IFRS 15 Revenue from Contracts with Customers
• Cryptocurrency
• Recognition and measurement of development costs
• Update on recent IASB decisions on the project to review the IFRS for SMEs

The papers for the meeting are available on the IASB website.

New members will start on 1 January 2023 for a term of three years, renewable once for a further three years. For more information, please see the press release on the IASB website.

The podcast is hosted by IFRS Interpretations Committee Chair and IASB Vice-Chair Sue Lloyd and Technical Staff member Patrina Buchanan and focuses on economic benefits from use of a windfarm (IFRS 16), principal versus agent — software reseller (IFRS 15), negative low emission vehicle credits (IAS 37), and lease liability in a sale and leaseback (IFRS 16) .

For more information, please see the press release on the IASB website.

Members of the ISSB will be appointed for an initial term of up to five years with the possibility of being reappointed for another three years (in exceptional circumstances for another five years). The roles are full-time, although a number of part-time members may be appointed. Members of the ISSB are expected to be based in one of the ISSB’s global offices and will be required to travel internationally to meet with fellow board members and staff, as well as stakeholders.

For more information, please see the press release on the IFRS Foundation website.

The IPTF's discussion document for the 6 November 2021 meeting is now available and states the following view of the Task Force:

Countries with three-year cumulative inflation rates exceeding 100%:

• Argentina
• Iran
• Lebanon
• South Sudan
• Sudan
• Venezuela
• Zimbabwe

Countries with projected three-year cumulative inflation rates exceeding 100%:

• Suriname
• Yemen

Countries where the three-year cumulative inflation rates had exceeded 100% in recent years:

There are no countries in this category for this period.

Countries with recent three-year cumulative inflation rates exceeding 100% after a spike in inflation in a discrete period:

There are no countries in this category for this period.

Countries with projected three-year cumulative inflation rates between 70% and 100% or with a significant (25% or more) increase in inflation during the current period

• Angola
• Haiti

The IPTF also notes that there may be additional countries with three-year cumulative inflation rates exceeding 100% or that should be monitored which are not included in the analysis as the necessary data is not available. Examples cited are Afghanistan, Ethiopia, and Syria.

The full list, including exact numbers, detailed explanations of the calculation of the numbers, and observations of the Task Force is available on the CAQ website.

Meeting ac­tiv­i­ties included the following:

• ISSB leadership nominations — The Trustees reviewed the report from the Nominating Committee for appointments to the International Sustainability Standards Board (ISSB). Appointments to the ISSB are expected to be completed in January 2022.
• Asia-Oceania office — The Trustees will be asked to approve the retention of its office in Tokyo for the next five year.
• Departing Trustees — The Chair acknowledged the service of departing members Guillermo Babatz and Kazuyuiki Masu.

The meeting summary also includes strategic considerations for the ISSB as it begins its work.

For more in­for­ma­tion, see the full summary on the IFRS Foun­da­tion Trustees’ meeting on the IASB’s website.

The update reports on the EFRAG TEG webcast meeting on 21-22 December, EFRAG's sustainability reporting and related activities as well as webinars and online outreaches.

The update also lists publications issued in December including:

• EFRAG's final endorsement advice on amendments to IAS 12 Income Taxes;
• EFRAG's draft endorsement advice on the amendment to IFRS 17 Insurance Contracts;
• EFRAG's final comment letter on the International Accounting Standard Board's (IASB's) exposure draft on Management Commentary;
• An EFRAG Secretariat briefing to stimulate debate within Europe and clarify the possible impacts of the IASB's proposal on Subsidiaries without Public Accountability: Disclosures; and
• EFRAG's field test Feedback Statement summarising the input received from the field testing of the proposals in the IASB's Exposure Draft Disclosure Requirements in IFRS Standards - A Pilot Approach

Please click to download the December EFRAG update from the EFRAG website.

The ED contains proposed guidance for itself when developing and drafting disclosure requirements in IFRSs in future as well as proposed amendments to IFRS 13 'Fair Value Measurement' and IAS 19 'Employee Benefits' that result from applying the proposed guidance to those standards.

We support the efforts of the Board to improve disclosures and to address the disclosure problem. We agree that the inclusion of disclosure objectives and a description of users’ needs are helpful to enhance the use of judgement in the preparation of financial statements. However, we do not agree with the removal of prescriptive disclosure requirements and we share the concerns laid out in the alternative view on enforceability of the approach in practice. Further, we note in the ‘Future effects’ section that the Board will decide through the normal process whether to amend the disclosure section of IFRS Standards already in issue to reflect the proposals in the ED. We would not support such a decision if the amendments were developed as proposed in the ED.

In addition, we support the proposal to include a paragraph for each specific objective on why the information is needed by users, however, we note that for some examples provided in respect of IFRS 13 and IAS 19 the needs of users could be explained more clearly. In terms of the proposals in the ED, we strongly believe that the Board should avoid using the term ‘non-mandatory’ to describe disclosures that entities are expected to include to meet the overall and specific objectives, as the term ‘non-mandatory’ may be inappropriately understood to mean optional.

Please click to download our full comment letter.