The agenda for the meeting is sum­marised below:

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

The agenda for the DPOC meeting is sum­marised below.

The agenda item on improving the communications around post-implementation reviews concerns addressing an expectation gap that seems to have arisen around what post- implementation reviews (PIRs) are about and what to expect as an outcome. In an attempt to more clearly communicate to stakeholders PIR objectives, process and possible outcomes, the staff is in the process of drafting an updated description of PIRs for the IFRS Foundation website. The description is derived from the Due Process Handbook but tries to more clearly articulate key points. The paper for the meeting sets out the main clarifications to the description in the Due Process Handbook. It also notes that the DPOC plans to update the Due Process Handbook for the creation of the International Sustainability Standards Board (ISSB), which the staff thinks might be a good point of time to improve the description of PIRs in the Due Process Handbook in line with the clarifications currently being developed for the IFRS Foundation website.

Agenda papers for the meeting are available on the IFRS Foundation website.

The introduction to the consultation paper argues that while there has recently been significant progress towards the development of a global baseline for sustainability reporting in the private sector, public sector sustainability reporting has yet to move forward in the same way. At the same time, the paper goes on to state, governments are significant in expenditure and employment terms in all jurisdictions, as well as in the global bond market. How and where they spend the money they raise through the taxes everyone pays will therefore be critical in successfully delivering the United Nation’s Sustainable Development Goals.

The consultation paper now released proposes the IPSASB:

• serve as the standard setter for global public sector specific sustainability guidance, drawing upon its experience, processes, and global relationships;
• develop initial guidance focused on general disclosure requirements for sustainability-related information and climate-related disclosures; and
• approach guidance development at an accelerated pace, with a potential for releasing initial guidance by the end of 2023.

Comments on the consultation paper are requested by 9 September 2022.

Please see the IPSASB website for a press release as well as an access page for a video introduction, the consultation paper, a consultation overview, and an At a Glance summary.

The meeting focused on an approach to ‘how the IASB might respond to feedback on its proposals on the accounting for regulatory assets and regulatory liabilities arising from differences between the recovery pace of the regulatory asset base and the assets’ useful lives’.

The meeting summary is available on the IFRS Foun­da­tion’s website.

As reported earlier, among the topics discussed at the meeting were the second review of the IFRS for SMEs and sustainability reporting.

The full list of topics discussed at the meeting was:

• Update on “Restoring trust in audit and cooperate governance”
  • Presentation by the FRC on the UK Government consultation
• Separate financial statements
  • Presentation by the KASB and continuation of discussions from previous IFASS meetings
• Non-current liabilities with covenants – Thoughts on the IASB exposure draft
  • Presentations by UKEB and MASB
• Disclosure initiative — Targeted standard-level review of disclosures
  • Presentation by EFRAG on its field testing of the proposals in the IASB exposure draft
• Supplier finance arrangements
  • Presentation by EFRAG
• Review of the IFRS for SMEs
  • Presentation by the IASB
• International financial reporting for non-profit organisations – IFR4NPO project update
• Sustainability-related reporting items
  • Strategic level update on the ISSB work (ISSB)
  • Update on EFRAG Project Task Force on European sustainability reporting standards (ANC)
  • Sustainability-related reporting (AASB)
  • General update on sustainability related reporting project in a specific jurisdiction (KASB)
  • Discussion on all sustainability-related reporting presentations
• PIR of IFRS 9 (classification and measurement)
  • Presentations by AASB, CASC, EFRAG, HKICPA, ICAI, and MASB
  • Break-out sessions
  • Plenary session with presentation of group discussions

The next meeting is to be held on 27-28 September 2022 in London.

Please click for the full report from the meeting.

This volume includes agenda decisions on the following:

• IFRS 9 Financial Instruments.
• IFRS 16 Leases.
• IAS 7 Statement of Cash Flows.
• IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.

The IFRS Foun­da­tion initiated the com­pi­la­tion series in October 2019 and will continue it by pub­lish­ing new volumes bian­nu­ally in April and October. For more in­for­ma­tion, see the press release and com­pi­la­tion on the IASB website.

A summary of the agenda is set out below:

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

High­lights of the podcast include dis­cus­sions on:

• Decisions on the third agenda consultation project and the next step; 
• Analysis of feedback provided on the management commentary, post-implementation review of IFRS 9 — classification and measurement, and disclosure initiative — subsidiaries without public accountability projects;
• De­lib­er­a­tions in the primary financial statement and equity method projects;
• Research related to goodwill and impairment;
• Proposed amendments to the IFRS for SMEs Accounting Standard.

The podcast can be accessed through the press release on the IASB website.

Please click to view the detailed notes taken by Deloitte observers for the IASB meeting.

IPSAS 44 Non-current Assets Held for Sale and Discontinued Operations is based on IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and specifies the accounting for assets held for sale and the presentation and disclosure of discontinued operations. The new standard includes additional public sector requirements, in particular, the disclosure of the fair value of assets held for sale that are measured at their carrying amounts, when the carrying amount is materially lower than their fair value.

IPSAS 44 has an effective date of 1 January 2025 with earlier application permitted.

The following additional information is available on the IPSASB website:

• Press release
• Access to the new standard and an At a Glance summary

The following topics were discussed:

Management Commentary

The IASB continued discussing feedback on its proposals for a revised Practice Statement on management commentary, as set out in the ED/2021/6 Management Commentary. The IASB was not asked to make any decisions.

Primary Financial Statements

The IASB continued discussing the proposal in ED/2019/7 General Presentation and Disclosures that would require an entity that presents an analysis of operating expenses by function in the statement of profit or loss to disclose, in a single note, an analysis of its total operating expenses by nature. The IASB is considering a partial matrix approach and is asking for feedback on the proposed scope for future papers on the topic. The staff did not make any recommendations or ask the IASB to make any decisions.

Third Agenda Consultation

The IASB decided to add a maintenance and consistent application project on climate-related risks and research pipeline projects on intangible assets and statement of cash flows and related matters. It also decided to create a reserve list of projects: operating segments and pollutant pricing mechanisms and not add to its work plan projects on cryptocurrencies and related transactions or going concern disclosures.

Maintenance and consistent application

At its March 2022 meeting, the IFRS Interpretations Committee decided to finalise an agenda decision in response to a submission about demand deposits with restrictions on use. No IASB members objected to the agenda decision.

Post-implementation Review of IFRS 9

The IASB discussed feedback on assessing a financial asset’s contractual cash flow characteristics. Most respondents shared the view that generally the contractual cash flow characteristics assessment works as intended. The staff will continue its outreach on application issues. They are considering whether to develop application guidance with respect to the characteristics of a basic lending arrangement and its link to amortised cost measurement; clarifying how to assess whether variability arising from contractual terms that change the timing or amount of contractual cash flows are consistent with SPPI; and considering how the disclosure objectives and principles in IFRS 7 would apply to financial assets with ESG-linked features, including information about an entity’s exposure to risks arising from such features and how an entity manages such risks.

Second Comprehensive Review of the IFRS for SMEs Accounting Standard

At its March 2022 meeting, the IASB decided on an approach to develop proposed amendments to the disclosure requirements in the IFRS for SMEs Accounting Standard that would result in consistency between these disclosure requirements and ED/2021/7 Subsidiaries without Public Accountability: Disclosures. At this meeting the IASB decided on exceptions to that approach. 

Goodwill and Impairment

The staff have performed further research on the practical concerns raised by stakeholders on the IASB’s preliminary views to require entities to disclose information about the subsequent performance of business combinations and quantitative information about synergies expected from business combinations. The purpose of this meeting was to provide the IASB with a summary of the staff research. The agenda paper also provided information about the project plan and how this research is relevant to that plan. The IASB was not asked to make any decisions during this session.

Equity Method

In October 2020, the IASB discussed and decided on the objective and approach of the Equity Method project. The IASB last discussed the Equity Method project in October 2021. At this meeting, the IASB discussed purchases of an additional interest in an associate without a change in significant influence. The IASB will consider remeasuring existing holdings at fair value to give a new deemed cost or a simple cost accumulation approach. IASB members expressed a preference for the latter. The IASB also discussed a summary of the research findings on changes made to IFRS Accounting Standards arising from the Conceptual Framework, Business Combinations and Joint Arrangements project.

Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures

The IASB published ED/2021/7 Subsidiaries without Public Accountability: Disclosures in July 2021, setting out proposed reduced disclosure requirements. The IASB discussed the feedback from comment letters and outreach events on the ED. While most respondents agreed with the objective of the draft Standard, there were mixed views on the proposed scope and whether the IASB should have started with IFRS Accounting Standards rather than the IFRS for SME Accounting Standard. Some issues were also raised about endorsement mechanisms. The IASB was not asked to make any decisions.

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

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

• Rate-regulated activities (1–13): The ASAF members generally agreed with the IASB’s approach to prioritise its redeliberations on the proposals related to scope and to total allowed compensation and provided suggestion on how to approach future redeliberations related to the scope.
• Non-current liabilities with covenants (14–26): The ASAF members provided views on Exposure Draft Non-current Liabilities with Covenants and agreed with the IASB’s decision to propose amendments to IAS 1 and its proposal on the classification of liabilities as current or non-current. In addition, the ASAF members generally agreed that entities should be required to disclose information about covenants and generally disagreed with the proposal to require separate presentation of non-current liabilities with covenants in the statement of financial position for the reasons set out in the alternative view to the Exposure Draft.
• Primary financial statements (27–67): The ASAF members were updated on the IASB’s redeliberations on the proposals in the Exposure Draft General Presentation and Disclosure and provided suggestions on the project’s direction, categories and subtotals, and management performance measures, and disaggregation. In addition, the ASAF members commented on the partial matrix approach.
• Supplier finance arrangements (68–78): The ASAF members provided feedback related to the scope, proposed disclosure requirements, and other disclosure requirements in the Exposure Draft Supplier Finance Arrangements.
• Agenda planning and feedback from the previous ASAF meeting (79–80): The ASAF members discussed which topics it should discuss at its next meeting on 11–12 July 2022.

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