2023

Agenda for the November 2023 Consultative Group for Rate Regulation meeting

22 Nov 2023

The Consultative Group for Rate Regulation will hold its next meeting virtually on 30 November 2023.

The agenda for the meeting is sum­marised below.

Thursday, 30 November 2023 (12:00–14:00)

  • Rate-reg­u­lated ac­tiv­i­ties
    • Disclosure

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

November 2023 IFRS Interpretations Committee meeting agenda posted

21 Nov 2023

The IFRS Interpretations Committee has posted the agenda for its next meeting, which will be held on 28–29 November 2023.

The Committee will discuss the following:

  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Climate-related Commitments
  • Climate-related and Other Uncertainties in the Financial Statements
  • IFRS 8 Operating Segments: Disclosure of Revenues and Expenses for Reportable Segments
  • IAS 27 Separate Financial Statements: Merger between a Parent and Its Subsidiary in Separate Financial Statements
  • Provisions—Targeted Improvements
  • Power Purchase Agreements
  • Ad­min­is­tra­tive matters

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.

In addition, the IFRS Foundation has issued a video explaining the role the IFRS Interpretations Committee has in maintaining consistent application of IFRS Accounting Standards.

November 2023 ISSB meeting notes posted

21 Nov 2023

The ISSB met in Beijing on 15–16 November 2023. We have posted our comprehensive Deloitte observer notes for the projects discussed during the meeting.

The following topic was discussed:

ISSB Consultation on Agenda Priorities: The ISSB received a summary of the feedback received in response to its Request for Information Consultation on Agenda Priorities. Respondents were mostly supportive of the ISSB’s planned activities, with IFRS S1 and IFRS S2 implementation support receiving the highest priority. Most respondents agreed with the ISSB’s proposed criteria used to evaluate potential new research or standard-setting projects for its work plan. There was no clear consensus on the number and mix of research projects to be included in the work plan and the staff will perform a detailed analysis of the feedback to create recommendations for the ISSB at a future meeting. Respondents suggested that the ISSB should approach any research project holistically, rather than prioritising subtopics. Feedback received on the proposed research project on integration with financial reporting will be evaluated in conjunction with the International Accounting Standards Board (IASB) at a future meeting. No decisions were made.

IFRS Sustainability Disclosure Taxonomy: The staff provided a summary of the feedback received in response to the proposed IFRS Sustainability Disclosure Taxonomy. Almost all respondents agreed the proposed Taxonomy appropriately reflects the requirements in IFRS S1 and IFRS S2 and will enable digital reporting of sustainability-related financial disclosures. The staff plans to recommend any changes to the Taxonomy in the December 2023 meeting and aims to publish the final taxonomy in the first half of 2024. No decisions were made.

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

November 2023 IASB meeting notes posted

21 Nov 2023

The IASB met in London from 13-15 November 2023. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

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.

IASB issues podcast on latest Board developments (November 2023)

21 Nov 2023

The IASB has released a podcast featuring IASB Chair Andreas Barckow, IASB Vice-Chair Linda Mezon-Hutter, and Executive Technical Director Nili Shah dis-cussing deliberations at the November 2023 IASB meeting.

The podcast highlights three projects which were discussed during the meeting in depth:

  • Business Combinations Under Common Control.
  • Post-implementation Review of IFRS 9 — Impairment.
  • Provisions.

The podcast can be accessed here on the IFRS Foun­da­tion website.

An analysis of changes to the work plan resulting from the IASB dis­cus­sions can be found here.

European Union formally adopts amendments to IFRS 16

21 Nov 2023

The European Union has published a Commission Regulation endorsing 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' issued by the IASB in September 2022.

The IASB published the amendments to IFRS 16 Leases to clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 21 November 2023.

Report on the autumn 2023 IFASS meeting

21 Nov 2023

A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held in London and by remote participation on 26 and 27 September 2023.

As reported earlier, among the topics discussed at the meeting were the XRB research on intangibles and climate-related risks in the financial statements.

The full list of topics discussed at the meeting was:

  • Climate-related risks in the financial statements (AASB, UKEB, and IASB)
  • Cash flow reporting (AcSB and EFRAG)
  • INPAG – Exposure Draft 2 presentation (CIPFA)
  • IPSASB update (IPSASB)
  • Accounting for carbon offsets and credits (AcSB and GLASS)
  • Panel discussion on jurisdictional perspectives on PIR IFRS 15 (AOSSG, GLASS, OIC, PAFA, XRB, and IASB)
  • NZ research - Meeting users' needs, recognition and disclosure of intangibles (XRB)
  • Hyperinflation (GLASS)
  • Connectivity between financial and sustainability reporting (UKEB)
  • Panel discussion on the  ISSB consultation on agenda priorities and perspectives on interoperability (ASCG, EFRAG, ISSB, KSSB, FRC, and SSBJ)
  • Presentation on sustainability reporting matters (OECD)
  • Panel discussion on sustainability reporting implementation issues, capacity building, and implementation guidance (EFRAG, ICAI , XRB, PAFA, UK Department for Business and Trade, and AASB)

The next meeting will be held on 17-19 April 2024 in Seoul.

Please click for the full report from the meeting.

Updated IASB and ISSB work plan — Analysis (November 2023)

20 Nov 2023

Following the IASB's and ISSB's November 2023 meetings, we have analysed the work plan on the IFRS Foundation website to see what changes have resulted from the meetings and other developments since the work plan was last revised in October 2023.

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

Stan­dard-set­ting projects

  • Management Commentary — A decision on the project direction is expected in Q2 2024 (previously H1 2024)
  • Primary Financial Statements — An IFRS Accounting Standard is expected in Q2 2024 (previously H1 2024)

Strategy and gov­er­nance projects

  • ISSB Con­sul­ta­tion on Agenda Pri­or­i­ties — The feedback on the request for in­for­ma­tion is now expected in January 2024 (pre­vi­ously December 2023)

Main­te­nance projects

  • Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard — The project has been added to the work plan to reflect amendments issued by the IASB in 2023 with an exposure draft expected in H1 2024
  • Annual Improvements to IFRS Accounting Standards — The following projects will have feedback discussions on their exposure draft in January 2024 (previously Q1 2024):
    • Cost Method (Amendments to IAS 7)
    • Derecognition of Lease Liabilities (Amendments to IFRS 9)
    • Determination of a ‘De Facto Agent’ (Amendments to IFRS 10)
    • Disclosure of Deferred Difference between Fair Value and Transaction Price (Amendments to Guidance on implementing IFRS 7)
    • Gain or Loss on Derecognition (Amendments to IFRS 7)
    • Hedge Accounting by a First-time Adopter (Amendments to IFRS 1)
    • Introduction and Credit Risk Disclosures (Amendments to Guidance on implementing IFRS 7)
    • Transaction Price (Amendments to IFRS 9)

Research projects

  • Business Combinations under Common Control — At its November 2023 meeting, the IASB decided to discontinue this project; a project summary is expected in Q2 2024
  • Post-implementation Review of IFRS 15 — Request for information feedback is expected for January 2024 (pre­vi­ously Q1 2024)
  • Post-implementation Review of IFRS 9 — After discussing the freedback received at its November 2023 meeting, the IASB will now publish a project summary (expected in H2 2024)

Other projects

  • IFRS Accounting Taxonomy Update — Amend­ments to IAS 12, IAS 21, IAS 7 and IFRS 7 — Feedback received will be discussed in January 2024 (previously Q1 2024)
  • IFRS Accounting Taxonomy Update Common Practice (Financial Instruments) and General Improvements — Feedback discussions on the proposed IFRS Taxonomy Update published in November 2023 are expected in Q1 2024
  • IFRS Sus­tain­abil­ity Dis­clo­sure Taxonomy — Dis­cus­sion of the proposed taxonomy feedback is now expected in December 2023 (pre­vi­ously November 2023)

The above is a faithful com­par­i­son of the IASB and ISSB work plan at 30 October 2023 and 20 November 2023. For access to the current work plan at any time, please click here.

ISSB issues November 2023 podcast

20 Nov 2023

The IFRS Foundation has released a podcast hosted by ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd discussing the latest developments from the ISSB.

Specif­i­cally, the podcast discusses:

  • ISSB’s first meeting at its Beijing office and the first Beijing International Sustainability Conference.
  • GRI’s Sustainability Innovation Lab.
  • Foundational work keeping technical staff busy.
  • Technical discussions at November board week.

For more in­for­ma­tion and access to the podcast, see the press release on the IFRS Foun­da­tion’s website.

Second EBA report on IFRS 9 implementation

19 Nov 2023

The European Banking Authority (EBA) has published a second report summarising the findings arising from the monitoring activities on the IFRS 9 implementation by EU institutions.

This second report complements the observations included in the first IFRS 9 monitoring report published in November 2021. It focuses on high default portfolios and aims to promote further improvements in the expected credit loss (ECL) model practices among EU institutions by providing transparency on the major areas of concern identified by the EBA.

The report states:

  • ECL models now lead to timelier recognition of loss provisions. However, most findings confirm previously raised issues and some divergence with the EBA’s expectations on IFRS 9 implementation.
  • Overlays are becoming an integral part of the ECL framework and therefore, more efforts are needed to reduce the high degree of judgment for their calibration. Their usage under robust methodological and sound governance frameworks needs to be better framed.
  • Backtesting is a key area that requires further investments by institutions to enlarge scope and robustness of the analysis and to improve the use of the backtesting results for the periodic review of IFRS 9 models.

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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.