The following topics were discussed:

Business Combinations under Common Control: The IASB decided to discontinue the project.

Equity Method: The IASB decided to propose improvements to the disclosure requirements for investments in joint ventures, and when a parent elects to use the equity method to account for its investments in subsidiaries in separate financial statements. The IASB also made decisions on transitional provisions to be proposed in the upcoming exposure draft.

Amendments to the Classification and Measurement of Financial Instruments: The staff presented the feedback on Exposure Draft Amendments to the Classification and Measurement of Financial Instruments. The IASB decided to finalise the proposals on derecognition of financial liabilities through electronic transfer and the proposed disclosure requirements for investments in equity instruments designated at fair value through other comprehensive income.

Primary Financial Statements: The IASB made decisions on sweep issues related to subtotals and categories, and aggregation and disaggregation that arose during the balloting process of IFRS 18 Presentation and Disclosure in Financial Statements.

Provisions—Targeted Improvements: The IASB decided to develop proposals to amend IAS 37 to specify more precisely the basis on which an entity determines the discount rate it uses in measuring a provision and to specify that an entity is required to use a rate that reflects the time value of money—represented by a risk-free rate—with no adjustment for non-performance risk.

Post-implementation Review of IFRS 9—Impairment: The IASB discussed feedback received in response to its Request for Information Post-implementation Review—IFRS 9 Financial Instruments—Impairment. The staff plans to discuss the following topics in the first half of 2024: general approach to recognising expected credit losses (ECL); determining significant increases in credit risk; measuring ECL; purchased or originated credit-impaired; interaction of impairment requirements with other requirements; and credit risk disclosures. No decisions were made.

Second comprehensive review of the IFRS for SMEs Standard: The IASB continued the redeliberation of its proposals in the ED Third edition of the IFRS for SMEs Accounting Standard. The IASB decided to align the definition of joint control in Section 15 of the Standard with IFRS 11, retain the three classifications of joint arrangements in Section 15 of the Standard and align Section 15 of the Standard with IFRS 11:23. The IASB also decided to retain the simplification in the IFRS for SMEs for measuring the obligation and the related cost of defined benefit plans.

Updating the Subsidiaries without Public Accountability: Disclosures Standard: The staff set out the IASB’s project plan for the preparation of a “Catch-up Exposure Draft” (ED) following the issue of the forthcoming IFRS Accounting Standard Subsidiaries without Public Accountability: Disclosures. With the ED, the IASB will consult stakeholders on requirements arising from IFRS Accounting Standards that have been issued or amended since the IASB published the Exposure Draft Subsidiaries without Public Accountability: Disclosures in July 2021.

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