Pre-meeting summaries for the January 2022 IASB meeting
20 Jan 2022
The IASB will meet in its offices in London on 25 January 2022. 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:
Maintenance and Consistent Application
In April 2021, the IASB published ED/2021/4 Lack of Exchangeability, which proposed to amend IAS 21. The comment period ended in September 2021. The purpose of this paper is to provide the IASB with a summary of feedback on the ED. There was general support for the proposals, with some suggestions. The IASB is not being asked to make any decisions at this meeting.
The staff will update the IASB on the most recent meeting of the IFRS Interpretations Committee.
Business Combinations under Common Control
The IASB published its Discussion Paper (DP) Business Combinations under Common Control (BCUCC) in November 2020. At this meeting the staff will present detailed summaries of feedback on the remaining topics from the DP: how to apply each measurement method (being the acquisition method and the book-value method) and disclosure. The IASB will also discuss the plan for deliberating the preliminary views in the DP. The IASB will be asked whether it agrees with the staffs proposed plan for deliberations but will not be asked to make any further decisions at this meeting.
Board work plan update
The staff will give the IASB an overview of its technical projects to support decisions about whether to add or remove projects, as may be discussed in individual project papers and an assessment of overall progress on the work plan, including project prioritisation and timing. The paper sets out projects completed since the last update, lists the projects out for consultation and notes that no documents are expected to be published for consultation within approximately the next six months. (Note: this conclusion relates only to the IASB. We expect the new ISSB will publish consultation documents during the next six months).
Approach to prioritising matters arising from post-implementation reviews
The staff have developed proposals to provide a more consistent approach to prioritising matters arising from post-implementation reviews (PIRs). The recommendations consider the nature of the evidence collected, what factors should lead to further action and how to prioritise projects.
Feedback on IFRS Taxonomy 2021—Proposed Update
The staff will give an oral update.
Primary Financial Statements
The staff recommend the IASB confirm the requirement for an entity to: disclose a description of why an MPM communicates management’s view of performance, including an explanation of how the MPM is calculated and how the measure provides useful information about the entity’s performance; disclose a reconciliation between an MPM and the most directly comparable subtotal or total specified in the Standards; add a requirement for an entity to disclose, for each item reconciling an MPM to the most directly comparable subtotal or total specified by IFRS Standards, the amount(s) related to each line item(s) in the statement(s) of financial performance; and specify that one way to meet this requirement is to use a side-by-side columnar format for the reconciliation.
The staff recommend the IASB retain the proposed requirements to disclose the income tax effects and the effect on NCI for each item disclosed in a reconciliation between an MPM and the most directly comparable IFRS specified subtotal or total and how the entity determined the income tax effect.
Our pre-meeting summaries is available on our January meeting notes page and will be supplemented with our popular meeting notes after the meeting.
