Date recorded:

Oral Update

The staff provided the Board with an update on the feedback received to the proposed taxonomy update (PTU/2019/1) Interest Rate Benchmark Reform—Amendments to IFRS 9, IAS 39 and IFRS 7. One comment letter was received from the Institute of Chartered Accountants of Nigeria. They agreed with all the proposals. The members of the Board’s IFRS Taxonomy Consultative Group (ITCG) proposed adding elements for the disclosure of early application of new or amended IFRS Standards. The final Taxonomy Update is expected in December 2020.

The staff also informed the Board that PTU/2020/2 Amendments to IFRS 17, Extension of the Temporary Exemption from Applying IFRS 9 and Property, Plant and Equipment—Proceeds before Intended Use was published in July 2020. No comment letters were received for this PTU and hence no significant changes will be made in finalising the update.

Board discussion

The Vice Chair expressed her continued concern about the lack of response to the PTUs, given the time and effort that goes into them. She stressed that the taxonomy is important and Board members have tried to encourage stakeholders to respond. This issue has been highlighted to the Due Process Oversights Committee as the costs for the PTUs currently outweigh their benefits. The Chairman asked whether the Vice Chair suggests not to expose the taxonomy updates. She responded that they should be exposed, but it might not be the best way of getting feedback on them. She suggested to keep monitoring the situation. The staff shared the concern. One Board member said that the Board receives comments from the ITCG members, however, those comments are made in the meetings and not in comment letters from their respective organisations.

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