Maintenance and consistent application

Date recorded:

Cover paper (Agenda Paper 12)

In this session, the IASB was asked whether they object to an agenda decision from the IFRS Interpretations Committee (Committee) and was given the opportunity to provide comments or ask questions on the February 2022 IFRIC Update.

There was no discussion of this paper.

TLTRO III Transactions (IFRS 9 and IAS 20)­­—Finalisation of Agenda Decision (Agenda Paper 12A)­

At its February 2022 meeting, the Committee decided not to add a standard-setting project to the work plan in response to a submission about accounting for the European Central Bank’s Targeted Longer-Term Refinancing Operations (TLTRO). The Committee instead decided to finalise an agenda decision. The purpose of this meeting was to ask IASB members whether they object to the agenda decision.

IASB discussion

The Chair noted the vote of 8:6 for finalising the agenda decision and asked the reasons for the narrow margin. The staff responded that those who disagreed did not necessarily disagree with the conclusion but with some of the wording in the agenda decision. Some also thought the agenda decision should have gone further in explaining the accounting treatment.

One IASB member said that while he did not disagree with the conclusion in the agenda decision, he was concerned about unintended consequences of the agenda decision on accounting for government grants. The staff replied that the section in question addressed the recognition and measurement requirements of IFRS 9 and not IAS 20.

IASB decision

No IASB member objected to the agenda decision.

IFRIC Update February 2022 (Agenda Paper 12B)

This agenda paper reproduced the February 2022 IFRIC Update and was provided as a courtesy for IASB members in case they have any questions or comments.

No significant comments were made.

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