The following topics were discussed for both meetings:

Power purchase agreements: The IASB discussed the staff’s preliminary views on how to address accounting issues related to power purchase agreements. No decisions were made.

Post-implementation review (PIR) of IFRS 15 Revenue from Contracts with Customers: The IASB discussed the feedback received in response to the request for information on the PIR of IFRS 15 and a plan for the next phase of the project. The IASB expects to finalise its decisions by the third quarter of 2024.

Maintenance and consistent application: The IASB did not object to the finalisation of an agenda decision published by the IFRS Interpretations Committee. In addition, the staff presented the most recent IFRIC Update.

Amendments to the classification and measurement of financial instruments: The IASB decided to finalise proposals in the exposure draft Amendments to the Classification and Measurement of Financial Instruments with regard to the assessment of contractual cash flows, financial assets with non-recourse features and contractually linked instruments.

IFRS accounting taxonomy update—amendments to IAS 12, IAS 21, IAS 7 and IFRS 7: The IASB discussed the feedback received on the proposed IFRS taxonomy update International Tax Reform—Pillar Two Model Rules, Supplier Finance Arrangements and Lack of Exchangeability. No decisions were made.

Second comprehensive review of the IFRS for SMEs accounting standard: The IASB continued its redeliberations on the proposals in the exposure draft Third edition of the IFRS for SMEs Accounting Standard. The IASB made decisions with regard to liabilities arising from financing activities, bearer plants, impairment of financial assets and leases.

Disclosure initiative—subsidiaries without public accountability: disclosures: The IASB made decisions on sweep issues with regard to some more judgemental changes to the disclosure requirements proposed in the exposure draft Subsidiaries without Public Accountability: Disclosures resulting from implementing the modified approach discussed in previous meetings.

Updating the Subsidiaries without Public Accountability: Disclosures standard: The IASB decided to propose disclosure requirements in a catch-up exposure draft following the publication of the forthcoming IFRS accounting standard Subsidiaries without Public Accountability: Disclosures. These disclosures relate to supplier finance arrangements, international tax reform—pillar two model rules and lack of exchangeability.

Feedback on ISSB consultation on agenda priorities (joint session with the ISSB): The boards discussed the feedback received in response to the ISSB’s request for information (RFI) Consultation on Agenda Priorities related to integrated reporting and connectivity to help decide which next steps should be taken by the IASB and ISSB respectively. No decisions were made. As a next step, the IASB will discuss the direction of the management commentary project while the ISSB will continue to discuss feedback on the RFI and make decisions based on that feedback.

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