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

• International Tax Reform — Pillar Two Model Rules (1–6): The ASAF members were provided with an overview of the Exposure Draft International Tax Reform — Pillar Two Model Rules and discussed where jurisdictions are expected to implement the Pillar Two model rules and the current status of implementation.

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

The Committee will discuss the following:

• IFRS 16 Leases: Definition of a lease — Substitution rights
• IFRS 9 Financial Instruments: Guarantee over a derivative contract
• IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments: Premiums receivable from an intermediary
• Homes and home loans provided to employees
• Administrative matters
• Potential annual improvements to IFRS Accounting Standards
• Business Combinations — Disclosures, Goodwill and Impairment

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 discussed at the meeting were:

• IASB and ISSB update (IASB and ISSB)
• Connection between financial and sustainability reporting (UKEB and EFRAG)
• IAS 12 temporary exception amendment (IASB)
• IFRS 16 research (ANC) Transition relief and ongoing practical expedients in IFRS 16 Leases (AASB and MASB)

The next meeting will be the regular spring meeting which is to be held on 19-21 April 2023 in Norwalk.

Please click for the full report from the meeting.

While the Accounting Standards Board of Japan (ASBJ) is a long-established standard setter that has worked closely with the IASB for many years, the Sustainability Standards Board of Japan (SSBJ) has only recently been set up. It is working on its own set of sustainability disclosure standards with exposure drafts to be issued no later than 31 March 2024 and final standards to be issued no later than 31 March 2025. The SSBJ plans to incorporate ISSB Standards into the Japanese requirements.

There are press releases on both meetings on the IFRS Foundation website:

• IASB and ASBJ meeting on 27 February
• ISSB and SSBJ meeting on 1 March

Below is an analysis of all changes made to the work plan since our last analysis on 30 January 2023.

Stan­dard-set­ting projects

• Climate-related disclosures  — The standard is now expected in Q2 2023 (pre­vi­ously no date given).
• General sustainability-related disclosures — The standard is now expected in Q2 2023 (pre­vi­ously no date given).

Main­te­nance projects

• Lack of ex­change­abil­ity (Amend­ments to IAS 21) — Final amend­ments to IAS 21 are now expected in Q3 2023 (pre­vi­ously H2 2023).
• Supplier finance arrangements — Final amend­ments are now expected in May 2023 (pre­vi­ously Q2 2023).

Research projects

• Extractive activities — A decision on the project direction is now expected in Q3 2023 (previously H2 2023).
• Post-implementation review of IFRS 9 — Impairment — A request for information is now expected in May 2023 (pre­vi­ously Q2 2023).

Strategy & gov­er­nance projects

• ISSB Con­sul­ta­tion on Agenda Pri­or­i­ties — A request for in­for­ma­tion is expected in May 2023 (pre­vi­ously Q2 2023).

Other projects

• IFRS Accounting Taxonomy Update —Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7 — New entry in the work plan; a proposed update is expected in March 2023.
• IFRS Accounting Taxonomy Update — Amendments to IFRS 16 and IAS 1 — The final update is expected in H2 2023.

The above is a faithful com­par­i­son of the IASB and ISSB work plan at 30 January 2023 and 2 March 2023. For access to the current work plan at any time, please click here.

The MoU extends the commitment by five years and includes support for the work by the ISSB. For more information, see the press release on the IFRS Foundation’s website.