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.

The podcast is hosted by IFRS Interpretations Committee Chair and IASB member Bruce Mackenzie. Topics discussed include climate-related commitments in IAS 37 and disclosure of revenues and expenses for reportable segments in IFRS 8.

For more information, see the press release on the IFRS Foundation’s website.

The podcast looks ahead to the ISSB’s three priorities for 2024:

• Supporting the implementation of the ISSB Standards;
• Working with jurisdictions on their adoption roadmaps; and
• Finalising the ISSB’s two-year work plan.

It also discusses recent progress on technical work, including the discussion at the January 2024 joint IASB-ISSB meeting, for which a dedicated podcast has been released.

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

The podcast highlights some of the projects that were discussed during the meeting, including:

• the post-implementation review of IFRS 15; 
• power purchase agreements;
• amendments to IFRS 9 regarding classification and measurement; and
• proposals for the addendum to the IFRS for SMEs exposure draft.

It also addresses a question from one of the podcast listeners.

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.

IFRS S1 sets out overall requirements with the objective to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to the primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

IFRS S2 sets out the requirements for identifying, measuring and disclosing information about climate-related risks and opportunities that is useful to primary users of general purpose financial reports in making decisions relating to providing resources to the entity.

Please click to access the standards on the IFRS Foundation website:

• IFRS S1 in French language
• IFRS S2 in French language

Key topics included feedback on integration in reporting projects and enhancing connectivity between the two boards. The podcast also discussed the IASB’s management commentary project and the role of the Integrated Reporting Framework. 

For more information, see the press release on the IFRS Foundation’s website.

Below is an analysis of all changes made to the work plan since our last analysis on 18 December 2023.

Stan­dard-set­ting projects

• Business combinations — Disclosures, goodwill and impairment — An exposure draft is now expected in March 2024 (previously Q1 2024)
• Disclosure initiative — Subsidiaries without public accountability: Disclosures — A final standard is now expected in April 2024 (previously Q2 2024)
• Dynamic risk management — An exposure draft is now expected in H1 2025 (previously 2025)
• Financial instruments with characteristics of equity — The exposure draft feedback will now be discussed in Q2 2024 (previously Q1 2024)
• Primary financial statements — A final standard is now expected in April 2024 (previously Q2 2024)

Main­te­nance projects

• Annual Im­prove­ments to IFRS Accounting Standards — Feedback discussions on the exposure draft of the following projects will now begin in February 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)

• International applicability of the SASB standards — This project has been removed from the work plan since final amendments were published on 19 December 2023
• Updating the 'Subsidiaries without public accountability: Disclosures' standard — An exposure draft is now expected in Q2 2024 (previously H1 2024)

Research projects

• Post-implementation Review of IFRS 15 'Revenue from Contracts with Customers' — The IASB has concluded the discussion of the feedback received and will now publish a feedback statement as next step (expected in H2 2024)

Other projects

• IFRS Accounting Taxonomy Update — Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7 — After discussing the feedback received on the proposed update, a final update will now be published in March 2024
• IFRS Accounting Taxonomy Update — Common practice (Financial instruments) and general improvements — After discussing the feedback received on the proposed update, a final update will now be published in March 2024

The above is a faithful com­par­i­son of the IASB and ISSB work plan at 18 December 2023 and 29 January 2024. For access to the current work plan at any time, please click here.

The meeting will focus on stakeholder feedback on integration in reporting and will have breakout group sessions to facilitated discussions on the following questions:

• Having considered the stakeholder feedback received what are your reflections/observations in light of the responses received?
• In light of the stakeholder feedback to the agenda consultation, what advice would you provide to the IASB, ISSB or IASB-ISSB jointly over a) the short-term; b) the medium-term; and c) the long-term?

Please click for the meeting agenda and papers on the IFRS Foun­da­tion website.

The ITCG will discuss the following topics:

• Feedback on IFRS Accounting Taxonomy 2023 Proposed Update 2
• Seeking feedback on proposed topics for the IFRS Accounting Taxonomy Update 2024 — Common Practice and General Improvements
• IFRS Accounting Taxonomy 2024 Proposed Update 1 — IFRS 18 Presentation and Disclosure in Financial Statements
• Evaluating the IFRS Taxonomy formula linkbase
• Updating the IFRS Digital Taxonomies regulator’s guide
• UK FRC Investor use of digital reports in XBRL survey results
• Proposed IFRS Sustainability Disclosure Taxonomy:
  • Introduction session
  • Breakout session
  • Report back

The agenda papers for this meeting are available on the IASB website.

According to the press release, the revised GRI biodiversity standard delivers:

• full transparency throughout the supply chain;
• location-specific reporting on impacts;
• new disclosures on the direct drivers of biodiversity loss; and
• requirements for reporting impacts on society.

It builds on the most important global biodiversity developments, such as the UN Kunming-Montreal Global Biodiversity Framework (GBF), the Science Based Target Network (SBTN) and the Taskforce on Nature-related Financial Disclosures (TNFD).

The GRI cooperated and liaised with the European Financial Reporting Advisory Group (EFRAG), which developed European Sustainability Reporting Standard (ESRS) 4 Biodiversity and ecosystems, and other key organisations in the biodiversity field to support global alignment of the revised standard.

Please click for the press release which contains more information and access to the revised standard.

Note: On 26 April 2024, GRI 101 was published in French, German, Indonesian and Simplified Chinese. Please click for more information on the GRI website.