The following topics were discussed:
Post-implementation review (PIR) of IFRS 15 Revenue from Contracts with Customers: The IASB made decisions related to the interaction of IFRS 15 with other IFRS standards and on “determining the transaction price”.
Work plan: The IASB discussed a proposed prioritisation framework to help it consistently prioritise technical projects on its work plan. This is intended to balance capacity demand with supply and enable effective execution of the IASB’s mission. No decisions were made.
Rate-regulated activities: The IASB confirmed the proposals in the exposure draft Regulatory Assets and Regulatory Liabilities on the discount rate, the scope of the new standard in relation to IFRS 17 and consequential amendments to IFRS 3 and IFRS 5.
Maintenance and consistent application: IASB members confirmed that they do not object to two agenda decisions finalised by the IFRS Interpretations Committee and the staff presented the latest IFRIC Update.
Climate-related and other uncertainties in the financial statements: The ASB decided that IFRS Accounting Standards should provide illustrative examples of reporting climate-related and other uncertainties on the financial statements and gave permission to begin balloting the exposure draft for those examples.
Intangible assets: The IASB made the intangible assets project active. It also discussed the initial work the staff will undertake for this project.
Provisions—targeted improvements: The IASB decided to amend certain definitions in IAS 37 and to add requirements and application guidance to IAS 37.
PIR of IFRS 9—impairment: The IASB deliberated the feedback received in response to its request for information Post-implementation Review—IFRS 9 Financial Instruments—Impairment. The IASB decided to classify as low priority the matters relating to financial guarantee contracts and to consider these matters during the next agenda consultation. The IASB also decided to take no action on the matters that arise from applying the impairment requirements in IFRS 9 with the requirements for modification, derecognition and write-off of financial assets, the requirements for loan commitments, the requirements for purchased or originated credit-impaired financial assets, and the requirements in other IFRS standards.
Second comprehensive review of the IFRS for SMEs Accounting Standard: The IASB continued the redeliberations of its proposals in the exposure draft Third edition of the IFRS for SMEs Accounting Standard. The IASB made decisions on disclosure requirements on revenue. The IASB also decided to use plainer language in the new fair value section and to explore measuring intragroup financial guarantee contracts issued for nil consideration by applying the section on provisions and contingencies.
Updating the Subsidiaries without Public Accountability: Disclosures Standard: The IASB decided that the effective date of the amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures in the catch-up exposure draft (ED) should be 1 January 2027. The IASB also gave permission to ballot the catch-up ED.
Please click to access the detailed notes taken by Deloitte observers for the entire meeting.