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Pre-meeting summaries for the September 2021 IASB meeting

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17 Sep 2021

The IASB is meeting on Monday 20, Tuesday 21, Thursday 23 and Friday 24 September 2021. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

The following topics are on the agenda:

Board work plan update: In this session, the staff will provide an overview 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.

Goodwill and Impairment: At the July meeting, the Board said they would like additional information about the disclosures about business combinations to be proposed, and further analysis of the feedback received on the subsequent accounting for goodwill, to help them make their decisions. In response to this, the staff have updated the project plan to provide this information to the Board and will now present the updated project plan for comments from Board members.

Post-implementation review of IFRS 9: In this session, the staff will ask the Board to approve the publication of the Request for Information (RFI), which if approved will be published in the last week of September 2021. The staff will also ask the Board if they agree with a 120-day comment period for the RFI.

Primary Financial Statements: At this meeting, the Board will continue its deliberations of the comments received on ED/2019/7, particularly on management performance measures (MPMs), principles of aggregation and disaggregation, analysis of operating expenses, and associates and joint ventures. The Board will be asked to make decisions with regard to all these topics.

Dynamic Risk Management: In this session, the staff will present its preliminary views on potential refinements to the DRM model which aim to closer align the DRM model to entities’ risk management practices by incorporating the concept of risk limits into the target profile. The Board will not be asked to make a decision. Instead, the staff is seeking feedback from the Board on the potential refinements, which will be taken back to draft the refinements and present them to the Board at a future meeting.

Extractive Activities: The Board will continue its discussions on extractive activities. The staff will present their further analysis on matters relating to exploration and evaluation (E&E) expenditure and activities, matters primarily relating to development and production activities, and reserve and resource information. Based on this analysis, the staff recommend that the focus of the Extractive Activities project should be the development of requirements or guidance to improve the disclosure objectives and requirements in IFRS 6 about an entity’s E&E expenditures and activities. Furthermore, the staff recommend amending the Basis for Conclusions of IFRS 6 to remove the temporary status of the Standard.

Financial Instruments with Characteristics of Equity: In this session, the Board will discuss the accounting for financial instruments that contain contingent settlement provisions and the effects of laws on contractual terms. At this meeting, the staff does not have recommendations for the Board and will instead ask Board members’ views on these two practice issues. The staff will

Our pre-meet­ing summaries is available on our September meeting notes page and will be sup­ple­mented with our popular meeting notes after the meeting.

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