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Impact of COVID-19 on Board timelines

Date recorded:

Board timelines — Impact of COVID-19 (Agenda Paper 32)

This paper set out the proposed changes to be made to the Board’s project timelines due to the Coronavirus pandemic. Some projects continue to be high priority despite the unprecedented global crisis including the project on IBOR Phase 2 and the project on amendments to IFRS 17.

Due to the uncertainty and evolving nature of the crisis the staff will continue to monitor the situation and assess whether to recommend further changes in the future.

Staff recommendation

Issued amendments: the staff recommended that the Board delay by one year the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after 1 January 2023.

Published consultation documents: the staff recommended that the Board extend the consultation period by (approximately) three months for the following consultation documents:

  • a) the Exposure Draft General Presentation and Disclosures;
  • b) the Request for Information Comprehensive Review of the IFRS for SMEs Standard; and
  • c) the Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment.

Forthcoming major consultations: the publication dates of forthcoming major consultation documents planned for 2020 will be delayed.

Board Discussion

The Board agreed with the recommendations of the staff in relation to the timing of issuing amendments. One Board member questioned whether the amendments to IAS 37 should also be delayed given that they may have a broader impact than other consequential amendments. However, the staff and other Board members agreed that this was not appropriate given that the amendments impact recognition of liabilities rather than presentation as with Classification of Liabilities as Current or Non-Current.  

The Board agreed with the staff recommendations in relation to the published consultation documents. Some concerns were raised around the consultation on IFRS for SMEs and the timing of potential consequences of COVID-19 on stakeholders applying this standard. The Board agreed that all delays will be monitored and agreeing a three month delay now does not preclude any additional delays.

Board Decisions

The Board unanimously approved the staff recommendations.

Classification of Liabilities as Current or Non-current (effective date delay) (Agenda Paper 32A)

In Agenda Paper 32 for this meeting, the staff recommended that the Board delay by one year the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after 1 January 2023.

The staff asked the Board to consider this paper, as an Exposure Draft will be required.

Staff recommendation

The staff recommended that the effective date is delayed and as part of the due process the staff had the following questions for the Board:

  1. Comment period — does the Board agree with the staff recommendation to allow a comment period of 30 days on the Exposure Draft?
  2. Dissent — does any Board member intend to dissent from the publication of the Exposure Draft?
  3. Permission to ballot — is the Board satisfied that it has complied with the applicable due process requirements and that it has undertaken sufficient consultation and analysis to begin the balloting process for the Exposure Draft?

Board Decision

The Board unanimously approved the staff recommendations.

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