Agenda Consultation

Date recorded:

Agenda Paper 2


The Agenda Paper set out the Board's approach to the 2020 Agenda Consultation (that covers the Board's 2022–2026 work plan). That consultation will include a Request for Information (RFI), which will be published in September 2020. The objective of the session was for Committee members to help the staff identify and develop a description of those projects.

The staff identified 27 matters of which some are already included in the Board's consideration as part of the active work plan of the Financial Instruments with Characteristics of Equity Project or the Board's research pipelines or future Post-implementation Reviews (PIR).


The Committee members had a long and lively discussion on the potential of a project on intangibles being  added to the work plan. Many of them agreed that this is a very important project in the coming five to ten years and there is a definite need to include this in the Agenda Consultation and prioritise it. A Committee member suggested that it is important to tell the world the accounting meaning of “intangible”. The scope of intangibles has to be defined better given there are many different kinds of assets without physical substance. In the prevailing digital environment, for example, there are a lot of outsourcing arrangements that create licences in relation to technology. Given the dynamic environmental and technological changes, it is important to discuss the fundamentals of intangible assets, which should be in line with these factors. Some Committee members also suggested to discuss any potential solutions on measurement and disclosures which will be useful for the development of the future standard.

For the topic of cryptocurrencies, there was not much discussion and one Committee member brought up the message on the need for standard-setting on investments other than IFRS 9, which is similar to crypto-related assets.

In respect of other suggested topics, a Committee member said there is a need to update the high and hyperinflation guidance within the existing Standards IAS 21 and IAS 29. Another member pointed out there should be consideration of a simplification of the balance sheet approach of IAS 12 to solve the practical questions encountered (including the initial recognition exemption). Other Committee members highlighted the issue of separate financial statements and discount rates as referred in the different Standards.

In respect of suggestions relating to existing or planned projects, some Committee members said it is important to be clear on the concept of 'significant influence' as part of the equity method research project. Another member said the concept of onerous contract may not be easily applied to some rather complicated contracts.

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