The Board will discuss the following:

• Goodwill and im­pair­ment
• Maintenance and consistent application
• Financial instruments with characteristics of equity
• Equity method
• Rate-regulated activities
• Digital financial reporting strategy
• Work plan update
• Disclosure initiative — Subsidiaries without public accountability: Disclosure

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 Board will discuss the following:

• General Sus­tain­abil­ity-re­lated Dis­clo­sures (S1)
• ISSB Consultation on Agenda Priorities
• Cli­mate-re­lated Dis­clo­sures (S2)

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.

Highlights of the podcast include discussions on the following: 

• the IASB’s decision to retain impairment-only approach for goodwill accounting;
• a new accelerated project proposing narrow-scope amendments to the IAS 12;
• the project direction of the supplier finance arrangements projects;
• the post-implementation review of IFRS 9 — Classification and Measurement; and
• short updates on the following projects:
  • Business combinations under common control,
  • Subsidiaries without public accountability: Disclosures,
  • Dynamic risk management,
  • Rate-regulated activities, and
  • Primary financial statements.

The podcast (14 minutes) can be accessed through the press release on the IFRS Foundation’s website.

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

The IFRS Taxonomy formula linkbase 2022 is an update of the 2021 version and accompanies the IFRS Accounting Taxonomy 2022.

For more information and access to the linkbase, please see the press release on the IFRS Foundation website website.

While approval was unanimous in the end, questions of DPOC members included if the IASB had been slow in developing the proposed amendment and what timeframe the IASB had in mind when declaring the proposed exemption would be "temporary".

The IASB Chair explained that the IASB rather than being slow to react had in fact been as fast as possible. While the OECD released the rules in December 2021, the IASB had little alternative to monitoring developments until jurisdictions began implementing them. The developments suddenly picked up speed and the IASB reacted by, in one meeting only, discussing the required amendments holistically and developing the proposals.

The dependency on external developments also became clear in the answer regarding the meaning of "temporary" - until jurisdictions have finished implementing the rules, the IASB cannot consider the implications. The IASB Chair acknowledged, however, that it might be a good idea to consider including a review clause when finalising the amendments around the temporary exemption- to keep the perceived "vacuum" of information as short as possible.

While DPOC members finally agreed to shortening the comment period from 120 to 60 days ("a short, but sufficient comment letter period"), they also stressed that their decision was supported by the fact that the IASB's proposed amendments would help the OECD in getting the Pillar Two rules implemented in jurisdictions.

A recording of the session is available on the IFRS Foundation website.

In the paper, the first in a planned series looking at automated valuation models (AVM), the IVSC looks at the current International Valuation Standards (IVS) and the question whether a residential AVM can ever produce an IVS compliant valuation.

The paper can be accessed through the press release on the IVSC website.

The agenda for the meeting is sum­marised below:

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

Trustees meeting

Meeting activities included the following:

• Report of the Chair of the Trustees and the Executive Director 
• The history of SASB standards
• Report of the Chair of the ISSB
• Greenhouse gas emissions
• Report of the Chair of the IASB
• Strategy for promoting sustainable operations of the IFRS Foundation
• Engagement with the Chair of the Monitoring Board
• Membership of the IFRS Sustainability Standards Advisory Forum
• Data for green finance
• IFRS Foundation Transitional Advisory Group
• Reports from the Trustee Committee meetings
• Stakeholder engagement

DPOC meeting

Meeting activities included the following:

• IASB-related matters
  • Update on IASB technical activities
  • IASB Consultative Groups — Annual review
  • IASB Annual reporting protocol
  • Educational material on IFRS Accounting Standards — review of due process
• ISSB-related matters
  • Update on ISSB technical activities
  • Due process for maintaining and enhancing the SASB Standards
• Correspondence

For more information, see the full summary of the Trustees' meeting and the full summary of the DPOC meeting on the IFRS Foundation’s website.

Below is an analysis of all changes made to the work plan since our last analysis on 25 October 2022.

Stan­dard-set­ting projects

• Financial instruments with characteristics of equity — The expected date for the exposure draft has been added for H2 2023.

Main­te­nance projects

• Amend­ments to the clas­si­fi­ca­tion and mea­sure­ment of financial in­stru­ments —This project exposure draft is now expected in Q2 2023 (previously H1 2023).
• International tax reform — pillar two model rules — This project has now been added to the work plan and an exposure draft is expected in January 2023.
• Lack of exchangeability (amendments to IAS 21) — A decision on the project’s direction is expected in December 2022 (previously no date given).
• Non-current liabilities with covenants (amendments to IAS 1) — Project is removed from work plan since the issuance of amendments on 31 October 2022.
• Supplier finance arrangements — Amendments are expected to be issued in H1 2023.

Strategy & governance projects

• ISSB consultation on agenda priorities — The request for information will occur in H1 2023 (previously December 2022).

Research projects

• Ex­trac­tive ac­tiv­i­ties — A decision on the direction of the project is now expected in Q2 2023 (pre­vi­ously H1 2023).
• Goodwill and impairment — The decision on the project direction is now expected in December 2022 (previously November 2022).

Other projects

• IFRS accounting taxonomy update — 2022 General Im­prove­ments and Common Practice — Feedback on the proposal is expected in Q1 2023.
• IFRS accounting taxonomy update — amendments to IFRS 16 and IAS 1 — Feedback on the proposal is expected in Q1 2023.

The above is a faithful com­par­i­son of the IASB and ISSB work plan at 25 October 2022 and 28 November 2022. For access to the current work plan at any time, please click here.

New item: IFRS 16 Leases—Definition of a Lease: Substitution Rights: The Committee received a submission about how to assess whether a contract contains a lease applying IFRS 16 when the supplier has particular substitution rights and at what level an entity evaluates whether that right is substantive. The contract in the fact pattern is for the use of 100 similar assets. The supplier has the practical ability to substitute alternative assets throughout the period of use but is expected to benefit economically from the exercise of its right to substitute only after some time into the period of lease. The staff concluded that there is an identified asset because the asset is specified and the supplier’s substitution right is not substantive throughout the period of use. The staff also concluded that the level to evaluate whether the substitution right is substantive is on each asset. The staff recommend not adding a standard-setting project to the work plan and instead to publish a tentative agenda decision.

Potential annual improvements to IFRS Accounting Standards: The staff will ask whether the Committee members agree with their preliminary views on the following six proposed amendments to IFRS Accounting Standards and to include them in the next annual improvements cycle:

• IFRS 1 First-time Adoption of International Financial Reporting Standards—terminology update
• IFRS 10 Consolidated Financial Statements—'De facto agent’ assessment
• IFRS 9 Financial Instruments—terminology update
• IAS 7 Statement of Cash Flows—terminology update
• IFRS 7 Financial Instruments: Disclosures—reference update
• IFRS 7 Financial Instruments: Disclosures—implementation guidance

Input on IASB project: Post-implementation Review (PIR) of IFRS 15 Revenue from Contracts with Customers: The IASB has started the PIR of IFRS 15 which aims at assessing whether the effects of applying new requirements on users of financial statements, preparers, auditors and regulators are as intended when the IASB developed those requirements. The purpose of the discussion is to ask the Committee members to share their views on the implementation and ongoing application of IFRS 15, including the matters that the Committee members think the IASB should consider in the PIR of the Standard.

Work in progress: There are two new matters that have not been presented to the Committee.

The full agenda for the meeting and our com­pre­hen­sive pre-meet­ing summaries can be found here.