Pre-meeting summaries for the November 2023 IASB meeting
07 Nov 2023
The IASB will meet in London on 13-15 November 2023. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.
The following topics are on the agenda:
Business Combinations under Common Control: The IASB will vote on the staff recommendation to discontinue the project. Depending on the decision, the IASB will be asked which next steps the staff should take.
Equity Method: The IASB will decide whether 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 will also make decisions on transitional provisions to be proposed in the upcoming exposure draft.
Amendments to the Classification and Measurement of Financial Instruments: The staff will present the feedback on Exposure Draft Amendments to the Classification and Measurement of Financial Instruments. The staff recommends 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 will discuss 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 staff recommends that the IASB 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 will discuss a summary of the 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.
Second comprehensive review of the IFRS for SMEs Standard: The IASB will continue the redeliberation of its proposals in the ED Third edition of the IFRS for SMEs Accounting Standard. The staff recommends that the IASB aligns the definition of joint control in Section 15 of the Standard with IFRS 11, retains the three classifications of joint arrangements in Section 15 of the Standard and aligns Section 15 of the Standard with IFRS 11:23. The staff also recommends 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 will set out the IASB’s project plan for the preparation of a “Catch-up Exposure Draft” following the issue of the forthcoming IFRS Accounting Standard Subsidiaries without Public Accountability: Disclosures.
Our pre-meeting summaries is available on our November meeting notes page and will be supplemented with our popular meeting notes after the meeting.
