As this was an oral update, the staff did not prepare any agenda papers for this session.

The staff provided the Board with an Oral update of the project. They indicated that they would seek further input from various groups over the coming months before bringing papers to the Board in their May meeting. The intention is to publish an Exposure Draft in H1 2020.

In addition, staff provided a summary of the input received from their meeting with the Management Commentary consultative group in January. A written summary of this meeting will be available in the next few weeks.

Discussion

Based on these updates, Board members posed a few questions and highlighted a few potential concerns for the staff to consider.

The Board highlighted the need for consistency of terms and principles in the practice statement with IFRS Standards and other material published by the IASB. Furthermore, given different jurisdictions’ use and understanding of terms, such as Annual Report, any terms used in the practice statement should be clearly defined to avoid any confusion.

Finally, the Board requested that staff provide the Board with a broad overview of the project and their vision for the project before asking the Board to provide input on specific topics to ensure that there is a clear focus on a coherent final product.