The following topics are on the agenda:

Dynamic Risk Management (DRM): The IASB will discuss the potential designation of hedged exposures in the current net open risk position, and the implication of designating non-linear derivatives and ‘off-market’ derivatives in the DRM model.

Maintenance and consistent application: The IASB will explore possible narrow-scope amendments to IFRS 9 with regard to the application of the ‘own use’ exception to some physical power purchase agreements (PPAs) and discuss the June 2023 IFRIC Update.

Equity Method: The IASB will decide how to answer an application question relating to the assessment of impairment and whether to expand the project’s scope for five of the application questions that were not selected but are considered resolved by the IASB’s tentative decisions.

Business Combinations—Disclosures, Goodwill and Impairment: The IASB will make decisions about which improvements to the impairment test to propose in the upcoming Exposure Draft and complete its discussions on proposals to improve information disclosed about business combinations.

Extractive Activities: The IASB will receive a summary of feedback on its Extractive Activities research project. The feedback relates to suggestions to improve disclosures about an entity’s exploration and evaluation expenditure and activities that the IASB is exploring.

Primary Financial Statements (PFS): The IASB will discuss whether to re-expose the proposals in the Exposure Draft General Presentation and Disclosures. The IASB will also discuss transition requirements and the effective date of the new Standard, as well as the due process requirements. The staff recommends that the IASB require an entity to apply the new Standard for annual periods beginning on or after 1 January 2027 with early application permitted and to apply the new Standard retrospectively in accordance with IAS 8.

Provisions—Targeted Improvements: The IASB will discuss stakeholder feedback on discount rates for provisions within the scope of IAS 37—specifically, feedback on whether the risks reflected in the rate should include non-performance risk, and whether IAS 37 should specify the types of costs to include in estimating that expenditure required to settle a present obligation in measuring a provision.

Subsidiaries without Public Accountability—Disclosures: The IASB will decide on the staff recommendation to align the effective date of the new Standard with the PFS Standard (i.e. 1 January 2027) and to permit earlier application of the new Standard.

Our pre-meet­ing summaries is available on our July meeting notes page and will be sup­ple­mented with our popular meeting notes after the meeting.

The comparison shows that, as the requirements in IFRS S2 are consistent with the four core recommendations and eleven recommended disclosures published by the TCFD, companies that apply the ISSB Standards will meet the TCFD recommendations and so do not need to apply the TCFD recommendations in addition to the ISSB Standards.

IFRS S2 contains additional requirements, though. These include the requirements for companies to disclose industry-based metrics, to disclose information about their planned use of carbon credits to achieve their net emissions targets, and to disclose additional information about their financed emissions.

Please click to access the comparison on the IFRS Foundation website.

This issue features:

• Open Consultations:
  • Post-implementation Review of IFRS 9
  • Post-implementation Review of IFRS 15
  • ISSB’s Consultation on Agenda Priorities
• Stay up to date on recent news
• Resources for investors

The Investor Update newslet­ter is available on the IFRS Foun­da­tion’s website.

Trustees meeting

Meeting activities included the following:

• Reports of the Chair of the Trustees and the Executive Director 
• Report of the Chair of the ISSB
• Developing stronger connections between the ISSB and the IASB
• Update on the work of the Trustees Sustainable Operations Taskforce
• Medium-term funding of the ISSB
• Engagement with IOSCO and regulatory adoption approach
• ISSB agenda consultation
• Report of the Chair of the IASB
• Earned revenue strategy
• IFRS Foundation Transitional Advisory Group
• Integrated Reporting and Connectivity Council
• Reports from the Trustee Committee meetings
• Stakeholder engagement

DPOC meeting

Meeting activities included the following:

• Update report on activities of the IASB and the IFRS Interpretations Committee
• Update report on the activities of the ISSB
• Enhancing communications about the ISSB’s due process
• Correspondence

For more information, see the summary of both meetings on the IFRS Foundation’s website.

In its draft comment letter, EFRAG notes that the impairment requirements in IFRS 9 generally work as intended.

Nevertheless, EFRAG identifies some issues of application or diversity in practice with different levels of priority that should be further considered by the IASB in the context of this project. These include:

• cash shortfalls used to measure expected credit losses and
• the interaction between modification, impairment, and derecognition requirements.

Comments on EFRAG's draft comment letter are requested by 13 September 2023. For more information, see the press release and the draft comment letter on the EFRAG website.

Both webcasts are available on YouTube:

• IFRS S1 overview (13 minutes)
• IFRS S2 overview (10 minutes)

A summary of the agenda is set out below:

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

The report takes stock of progress by standard-setting bodies and other international organisations on the actions coordinated through the 2021 roadmap, outlines areas for further attention, and provides updates where needed to the detailed roadmap actions.

The report notes that progress has been made across all four blocks of the roadmap and especially comments on firm-level disclosures:

A substantial achievement has been the publication on 26 June of the International Sustainability Standards Board (ISSB)’s final standards, IFRS S1 on general sustainability-related disclosures and IFRS S2 on climate-related disclosures. The FSB welcomes the publication of the final standards, which will serve as a global framework for sustainability disclosures and, when implemented, will enable disclosures by different companies around the world to be made on a common basis.

The FSB stresses that the next important step is now for IOSCO to review the standards, with the objective to consider endorsement for domestic and cross-border use by member market authorities across jurisdictions.

A key priority is now the swift consideration by the International Organization of Securities Commissions (IOSCO) of endorsement of the standards for authorities to adopt, apply or otherwise utilise in a robust and timely manner, reflecting each jurisdiction’s circumstances. The FSB will work with the ISSB, IOSCO and other relevant bodies to promote the timely and wide use of the standards.

The report also comments on the need for further work on interoperability and the finalisation of assurance and ethics standards over sustainability-related reporting.

Please click to access the full report on the FSB website.

The Board will discuss the following:

• Dynamic Risk Management
• Business Combinations — Disclosures, Goodwill and Impairment
• Maintenance and Consistent Application
• Primary Financial Statements
• Disclosure Initiative — Subsidiaries Without Public Accountability: Disclosures
• Equity Method
• Provision
• Extractive Activities

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 only topic to be discussed is the proposed future composition of the IFRS Taxonomy Consultative Group (ITCG). The agenda and the paper for the meeting are available on the IFRS Foundation's website.