Update (Agenda Paper 8)

In this session, the staff provided a view of the Board’s technical projects to support decisions about whether to add or remove projects and assessments of overall progress on the work plan, including project prioritisation and timing.

The Board completed the following projects since January 2021:

• Definition of Accounting Estimates (amendments to IAS 8)
• Disclosure of Accounting Policies (amendment to IAS 1)
• Covid-19-Related Rent Concessions beyond 30 June 2021 (amendments to IFRS 16)
• Deferred Tax related to Assets and Liabilities arising from a Single Transaction (amendments to IAS 12)

At this meeting the Board will be asked whether it wants to add projects for:

• Initial Application of IFRS 17 and IFRS 9—Comparative Information
• Supplier Finance Arrangements
• Classification of Debt with Covenants as Current or Non-current

At a future meeting, the Board will be asked whether it wants to add projects for:

• Interaction of IFRS 10 and IFRS 16—Sale of a Subsidiary with a Leaseback
• Additional guidance in IFRS Practice Statement 2 relating to information about possible future events that have not affected the entity’s financial performance or financial position and have uncertain outcomes, similar to the proposals in the Exposure Draft Management Commentary

The following projects are currently out for consultation:

• Exposure Draft Regulatory Assets and Regulatory Liabilities, with a comment deadline of 30 July 2021
• Discussion Paper Business Combinations under Common Control, with a comment deadline of 1 September 2021
• Exposure Draft Lack of Exchangeability, with a comment deadline of 1 September 2021
• Request for Information Third Agenda Consultation, with a comment deadline of 27 September 2021
• Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach, with a comment deadline of 21 October 2021
• Exposure Draft Management Commentary, with a comment deadline of 23 November 2021

The following documents are expected to be published for consultation within approximately the next six months:

• Exposure Draft on Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures expected to be published in July 2021
• Request for information on the classification and measurement requirements in IFRS 9 expected to be published in September 2021

No decisions were asked from the Board and there was no discussion on this topic.