Initially, Jean-Paul Gauzès will be President of the Administrative Board until the end of his current mandate, after which he will be succeeded by Hans Buysse, managing partner of Clairfield Benelux and Chairman of the Belgian Association of Financial Analysts (ABAF). Georg Lanfermann, President of the German standard setter ASCG, has been appointed Vice Präsident of the EFRAG Administrative Board.

For a complete list of all members, see the press release on the EFRAG website.

The questionnaire can be accessed through the press release on the EFRAG website. Participation is invited by 2 March 2022.

The Trustees are inviting applications from all geographical regions, but are particularly interested in candidates based in South America and Africa. Also, they encourage applications from candidates who use the financial statements of small and medium-sized entities (investors and providers of finance). They will be appointed from 1 July 2022 and would serve three-year terms. Nominations for membership of the SMEIG close on 18 March 2022. Please click for the IASB press release (link to IASB website).

While the IFRS Foundation Constitution affords the ISSB the option to publish exposure drafts for public comment when approved by its Chair and Vice-Chair, and subject to oversight by the Trustees’ Due Process Oversight Committee, a quorum of eight members is required for the ISSB to deliberate on feedback received on the exposure drafts and for final requirements to be published. With the Chair and Vice-Chair already appointed, the Trustees will now focus on appointing a first set of six ISSB members from among the applications received so far. The press release notes that further applications are still welcome, which would then be considered in the next round of appointments.

The Trustees note that this approach will (a) enable the ISSB to begin its work and move at the pace required by stakeholders and (b) allow them, at each step, to build further the diversity and breadth of profiles and expertise of the ISSB.

The press release states that a similar approach is being taken to determining the membership of two key advisory bodies to the ISSB: the Sustainability Consultative Committee and the Sustainability Standards Advisory Forum.

Please click for additional information in the press release on the IFRS Foundation website.

The taxonomy update includes changes to elements to reflect new and amended disclosure requirements in Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) and Definition of Accounting Estimates (Amendments to IAS 8).

For more information, see the press release on the IASB’s Web site.

The ASAF is comprised of 12 members and a non-voting chair. The new composition for 2022-2024 is as follows:

Please click for the press release on the IASB website.

The Board will discuss the following:

• Dynamic risk management
• Disclosure initiative — Targeted Standards-level review of disclosures
• Rate-regulated activities
• Financial instruments with characteristics of equity
• Primary financial statements
• Third agenda consultation
• Maintenance and consistent application
• Post implementation review of IFRS 10–12
• Second comprehensive review of the IFRS for SMEs Standard

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 workshop is open to academics, standard-setters, accounting professionals and regulators and is follow-up to the request for paper submissions on diverse aspects of disclosures by the IASB, Accounting in Europe and The British Accounting Review. For more information, see the press release on the IASB’s website.

The Committee discussed an ongoing matter, the comment letter analysis for one tentative agenda decision and an educational paper.

Ongoing matter

IAS 37 Provisions, Contingent Liabilities and Contingent Assets—Negative low or new energy vehicle credits: In its November 2021 meeting, the Committee discussed a submission asking whether an entity with negative low emission vehicle credits has a present obligation that meets the definition of a liability in IAS 37. In the meeting, Committee members generally agreed with the staff's analysis that an entity that has generated negative credits has an obligation that meets the definition of a liability in IAS 37. The staff had edited the wordings according to some Committee members' suggestions and analysed the implications of the consensus in IFRIC 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment in an appendix to the paper. In this meeting, despite the concerns raised by some Committee members on various aspects, the Committee decided, by a majority vote, to finalise the agenda decision with proposed refinements to the wordings.

Comment letter analysis

IFRS 9 Financial Instruments and IAS 20 Accounting for Government Grants and Disclosure of Government Assistance—TLTRO III Transactions: In its June 2021 meeting, the Committee discussed a submission asking how banks account for the European Central Bank (ECB)’s Targeted Longer-Term Refinancing Operations (TLTRO). Specifically, the submission asked whether the TLTRO III tranches are loans at a below-market interest rate which should be accounted for as a government grant. The staff analysed the comment letters and recommended finalising the agenda decision with minor editorial changes. In this meeting, despite the concerns raised by some Committee members, the staff still considered that there are merits in finalising the agenda decision and the Committee decided, by a majority vote, to finalise the agenda decision with some editorial changes.

Education session

IFRS 17 Insurance Contracts—Profit recognition for annuity contracts: The Committee received a submission about determining how to recognise unearned profit as revenue based on the services an entity provides to policyholders of annuity contracts in a scenario where an entity includes unearned profit in the measurement of insurance contracts and subsequently recognises it as revenue as the entity provides services. The paper provided an overview of the applicable IFRS 17 requirements and other background related to those requirements.

Administrative matters

Work in progress: The staff are in the process of analysing three matters:

• Rent Concessions: Lessors and Lessees (IFRS 16 and IFRS 9)
• Special Purpose Acquisition Companies (SPAC): Accounting for warrants at acquisition (IFRS 2 or IAS 32)
• Special Purpose Acquisition Companies (SPAC): Classification of Public Shares as Liabilities or Equity (IAS 32)

More In­for­ma­tion

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

The participants discussed:

• Agenda consultation — Main discussion points were the strategic direction and balance of the IASB’s activities, criteria for assessing the priority of accounting issues, and financial reporting issues that could be added to IASB’s work plan. Another topic that saw comprehensive discussion was the connectivity between the IASB and the ISSB. Lastly, participants discussed suggestions to partner further with national standard setters.
• Post-implementation reviews — Participants discussed how to prioritise projects arising from post-implementation reviews.

The full meeting summary (8 pages) is available on the IASB's website.