The agenda is summarised below:

Agenda papers for this meeting are available on the IASB website.

The following agenda papers around IFRS 17 will be discussed (links to IASB website):

• AP2A: Loans that transfer significant insurance risk
• AP2B: Transition — Optionality and comparative information
• AP2C: Transition — Risk mitigation option and amounts accumulated in other comprehensive income on transition
• AP2D: Transition — Modified retrospective approach

The discussion on IFRS 17 is presently scheduled for 7 February, 14:45-16:45 (UK time).

The full agenda for the meeting can be found here. We will post any updates to the agenda, our comprehensive pre-meeting summaries as well as observer notes from the meeting on this page as they become available.

Below is an analysis of all changes that were made to the work plan since our last analysis on 17 December 2018.

Standard-setting projects

• No changes.

Maintenance projects

• Accounting Policies and Accounting Estimates — The IASB will decide on the project direction in April 2019 (formerly Q2 2019).
• Amendments to IFRS 17 Insurance Contracts — An exposure draft is expected in Q2 2019 (formerly H1 2019).
• Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction — An Exposure Draft is expected in Q2 2019 (formerly H1 2019).
• Fees in the ‘10 per cent’ Test for Derecognition — An exposure draft is expected in Q2 2019 (formerly H1 2019).
• IBOR Reform and its Effects on Financial Reporting — Formerly listed as a research project, an exposure draft is expected in Q2 2019 (formerly H1 2019). — NB This update actually reflects a December 2018 decision of the Board.
• Lease Incentives — An exposure draft is expected in Q2 2019 (formerly H1 2019).
• Onerous Contracts — Cost of Fulfilling a Contract — Exposure draft feedback is expected in Q2 2019 (formerly H1 2019).
• Subsidiary as a First-time Adopter — An exposure draft is expected in Q2 2019 (formerly H1 2019).
• Taxation in Fair Value Measurements — An exposure draft is expected in Q2 2019 (formerly H1 2019). 
• Updating a Reference to the Conceptual Framework — An exposure draft is expected in Q2 2019 (formerly H1 2019). 

Research projects

• Business Combinations under Common Control — A discussion paper is expected in H1 2020 (formerly just listed as 2020).
• Goodwill and Impairment — The next milestone was changed to a discussion paper, instead of the previously-listed "discussion paper or exposure draft."
• Disclosure Initiative — Principles of Disclosure — A project summary is expected in March 2019 (formerly listed as Q1 2019).
• Financial Instruments with Characteristics of Equity — Discussion paper feedback is expected in March 2019 (formerly Q1 2019).
• Provisions — New project added to the work plan; the IASB plans to review research in the second half of 2019. — NB This update actually reflects a December 2018 decision of the Board.

Other projects

• IFRS Taxonomy Update — 2018 General Improvements — A date of February 2019 was added for the proposed update feedback.
• IFRS Taxonomy Update — Common Practice (IFRS 13) — The next milestone was changed from "analyse feedback" to "final update" with an expected date of March 2019. — NB This update seems somewhat premature since the feedback received will not by anlysed by the ITCG until its 31 January meeting.
• Revisions to the Preface to IFRS Standards — Project removed from the work plan. — NB This changed entry actually reflects an October 2018 decision of the Board.

The above is a faithful comparison of the IASB work plan at 17 December 2018 and at 25 January 2019. For access to the current IASB work plan at any time, please click here.

EFRAG ​welcomes the IASB’s efforts to clarify the requirements in IAS 37 regarding the assessment of whether, in a contract, the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. However, EFRAG notes that the proposed amendments would affect the onerous assess​ment not only for long-term construction contracts previously in the scope of IAS 11 but for all contracts in the scope of IAS 37. Consequently, EFRAG encourages the IASB to further assess the expected impact of the proposals.

Comments on EFRAG's draft comment letter are requested by 5 April 2019. For more information, see the press release and the draft comment letter on the EFRAG website.

The Board continued to assess concerns and implementation challenges raised by stakeholders about the requirements in IFRS 17 Insurance Contracts. At this meeting the Board considered four issues: insurance acquisition cash flows for renewals outside the contract boundary; reinsurance contracts held—onerous underlying insurance contracts; reinsurance contracts held—underlying insurance contracts with direct participation features; and recognition of the contractual service margin in profit or loss in the general model. In all cases the Board decided to propose amendments to IFRS 17.  

The Board decided to proceed with the publication of an Exposure Draft to amend IAS 12 Income Taxes, in relation to the deferred tax on assets and liabilities arising from a single transaction. 

The staff also gave oral updates on the projects on Rate-regulated Activities and Extractive Activities.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

Applying the criteria for evaluating proposed amendments agreed on in October 2018, the Board came to the following conclusions:

The staff notes that papers on the remaining topics from the list of issues presented at the October meeting will be presented to the Board in the first quarter of 2019.

The IASB has published a press release saying it is making progress with its IFRS 17 discussions.

The updates in comparison to the 2017 version of the document include:

• a new section that provides more detail on how to communicate company-specific information;
• new examples illustrating how to find the correct element when tagging the primary financial statements; and
• other clarifications and improvements.

Please click to access the updated guide on the IASB website.

The agenda for the DPOC meeting is summarised below.

Agenda papers for the meeting are available on the IASB's website.

We have updated our meeting note page, which offers access to the agenda and our pre-meeting summaries of the agenda papers to be discussed, accordingly.

The report explains what artificial intelligence (AI) is, where its use might make sense in corporate reporting, and explores some of the possible and current use cases for the technology. For each use case it considers what is currently being achieved and what might be achieved in the future. The report finds:

• Production – AI can enhance efficiency by replacing mechanistic human processing of underlying transactions and transforming that data into accounting and management information; ultimately feeding into annual reports.
• Distribution – AI can support auditors and boards in the internal and external validation processes needed to ensure that the annual report is credible and compliant in an efficient and effective way.
• Consumption – Investors are already using AI to enhance effectiveness of investment analysis by extracting meaning and value, not only from company reporting, but also from various sources of alternative data.

Overall, the report concludes hat it is not a question of whether AI will become important for corporate reporting, but when.

Please click to access Artificial Intelligence – How does it measure up? on the FRC website.