The Committee will discuss the following:

• Ad­min­is­tra­tive matters
• IFRS 10 and IFRS 16 — Sale and leaseback of an asset in a single-asset entity
• IAS 2 — Costs necessary to sell inventories
• IAS 10 — Preparation of financial statements when an entity is no longer a going concern
• Work in progress

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.

The topics covered during the meeting were the following (numbers in brackets are ref­er­ences to the cor­re­spond­ing para­graphs of the summary):

• Rate-regulated activities (1–9): The ASAF members outlined their plans for outreach on an upcoming Exposure Draft on regulatory assets and regulatory liabilities.
• Cryptoassets (10–18): The ASAF members provided their preliminary views on the EFRAG’s discussion paper Accounting for Crypto-assets (Liabilities) and whether they support changes to IFRS requirements.
• Financial instruments with characteristics of equity (19–42): The ASAF members provided feedback on potential refinements to the disclosure requirements discussed in Discussion Paper Financial Instruments with Characteristics of Equity. The session included discussions on the priority of financial instruments on liquidation of an equity, disclosure on an individual entity versus consolidated basis, non-financial liabilities, legal effects, carrying amounts versus fair value, potential dilution of ordinary shares, and terms and conditions of financial instruments.
• Dynamic Risk Management (43): The staff provided the ASAF members with an update on outreach on core dynamic risk management model.
• Lack of Exchangeability (Amendments to IAS 21) (44–45): The ASAF members were updated on the developments on the project and were introduced to the upcoming Exposure Draft on narrow-scope amendments to IAS 21 The Effect of Changes in Foreign Exchange Rates.
• Update and agenda planning (46–48): The ASAF members discussed the Board’s current work plan and planned topics for the March 2021 ASAF meeting.

A full summary of the meeting is available on the IASB's website.

The IIRC launched the revision process in February 2020 and identified three key themes of the revision: a) business model considerations, b) responsibility for an integrated report, and c) charting a path forward. The third theme was not directly related to the revision but focused on future of corporate reporting, including extended assurance and the role of technology, and was intended to inform the IIRC’s longer-term strategy.

The revisions published today focus on a simplification of the required statement of responsibility for the integrated report; improved insight into the quality and integrity of the underlying reporting process; a clearer distinction between outputs and outcomes; and a greater emphasis on the balanced reporting of outcomes and value preservation and erosion scenarios. The press release states:

As business resilience is tested so severely in the wake of the global pandemic, climate change and growing inequality, effective integrated thinking and reporting is more important than ever. We believe these revisions can help businesses deliver more robust, balanced reporting. The revisions are also aligned with our efforts to develop a global, comprehensive corporate reporting system.

Please click to access the following information on the IIRC website:

• Press release
• Revised International <IR> Framework
• Consultation draft feedback
• Analysis of consultation draft feedback
• Treatment of consultation draft feedback

In addition, the South African Integrated Reporting Committee (IRC) has published a version of the International <IR> Framework (2021) with marked up changes. Please click to access the document on the IRC website.

The webinar will be held on 27 January 2021.  For the convenience of stakeholders in different time zones, there will be two sessions of the webinar:

• 09:00-10:00 GMT
• 15:00-16:00 GMT

To register for the webcast or for more information, please see the press release on the IASB's website.

Exposure Draft 75 Leases proposes a model that is aligned with IFRS 16 Leases for lease accounting in the public sector. For lessees, ED 75 proposes a right-of-use model that will replace the risks and rewards incidental to ownership model in IPSAS 13 Leases. For lessors, ED 75 proposes to substantially carry forward the risks and rewards incidental to ownership model in IPSAS 13.

The request for information published alongside ED 75 will provide the IPSASB with further information on the issues that need to be considered in accounting for concessionary leases and other arrangements similar to leases that are quite common in the public sector.

Comments on both documents are requested by 17 May 2021.

Please click to access the following additional information on the IPSASB website:

• Press release
• Access to the exposure draft, a short video and an At a Glance introduction
• Access to the request for information

The IASB will discuss the following:

• Work plan update
• Maintenance and consistent application
• Disclosure initiative — Subsidiaries that are SMEs
• Primary financial statements

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.

Deloitte has developed its high quality e-learning modules to help users develop their knowledge and application of the basic principles and concepts of IFRSs and IASs. Our e-learning on IFRS has been a leading educational and training resource on IFRS since it was initially released in 2004, with a range of corporate, educational and professional organisations using the content as their primary tool for IFRS education.

Please click to access our redesigned and enhanced e-learning platform here. Of course you can also continue to access the individual modules through our IAS Plus e-learning page.

IAS 1 requires management to make an assessment of an entity's ability to continue as a going concern. If management has significant concerns about the entity's ability to continue as a going concern, the uncertainties must be disclosed. In the current stressed economic environment arising from the covid-19 pandemic, deciding whether the financial statements should be prepared on a going concern basis may involve a greater degree of judgement than usual.

For more information, see Deloitte's IFRS in Focus newsletter as well as the press release on the IASB’s website.

Xianzhong Li will represent the Chinese Ministry of Finance on the Council.

A press release announcing his appointment is available on the IASB website.

Each webinar will be offered once in the morning and once in the afternoon to accommodate stakeholders in different time zones. The webinars will last approximately 60 minutes and will consist of an overview of the standard’s objectives and related research opportunities, followed by questions and answers.

Please click for registration on the IASB website:

IFRS 9, Thursday 21 January 2021:

• Morning session (09:00-10:00 GMT)
• Afternoon session (15:00-16:00 GMT)

IFRS 16, Friday 22 January 2021:

• Morning session (09:30-10:30 GMT)
• Afternoon session (15:00-16:00 GMT)

IFRS 15, Monday 8 February 2021:

• Morning session (09:00-10:00 GMT)
• Afternoon session (15:00-16:00 GMT)