The topics covered during the meeting were the following (numbers in brackets are ref­er­ences to the cor­re­spond­ing para­graphs of the summary):

• IBOR reform and its effects on financial reporting — Phase 2 (1–12): The ASAF were provided with an overview of the IASB’s proposed amendments for the forthcoming Exposure Draft Interest Rate Benchmark Reform — Phase 2 and gave their initial views to the expected proposals, which they were in broad agreement. In addition, the ASAF members provided feedback on what constitutes a ‘modification’ of financial assets and financial liabilities, disclosures, and other topics.
• Update on agenda planning (13–17): The ASAF was given an update on the IASB’s work plan and the change of timelines of various projects due to the coronavirus pandemic. The ASAF expects its next meeting to be held in July 2020 and will likely be virtual.
• Goodwill and Impairment (18–25): The ASAF were provided with an overview of the IASB’s preliminary views on Discussion Paper Business Combinations — Disclosures, Goodwill and Impairment and provided recommendations on how to conduct outreach and fieldwork activities.
• Better Communication — Primary Financial Statements (26–46): The ASAF discussed topics related to the proposals in Exposure Draft General Presentation and Disclosures. Topics discussed include subtotals and categories in the statement of profit or loss, disaggregation, management performance measures, and statement of cash flows.

A full summary of the meeting is available on the IASB's website.

In the draft comment letter, EFRAG agrees with the proposals in the exposure draft published on 4 May 2020 that would defer the effective date of the January 2020 amendments to IAS 1 by one year.

EFRAG acknowledges that there may be related operational consequences of the amendments, but opines that the advantages of a deferral during this time of significant disruption due to COVID-19 would outweigh the disadvantages, as earlier application of the amendments will continue to be permitted. ​

Comments on EFRAG's draft comment letter are requested by 25 May 2020. For more information, see the press release and the draft comment letter on the EFRAG website.

Please note that the collections do in part overlap - especially the IASB statements on IFRS 9 and IFRS 16 are included in almost all of them. Please be also aware that these collections will continue to be updated throughout the crisis. This page was last updated on 2 September 2020.

If you are aware of additional collections that would be of interest to an international financial reporting audience, please feel free to contact us.

The Board will discuss the following:

• Amendments to IFRS 17 Insurance Contracts
• Management commentary
• Research programme update
• Maintenance and consistent application
• IBOR reform and the effects on financial reporting (oral update)
• Disclosure initiative — accounting policies

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.

The only point for discussion will be the comment letter analysis and redeliberation of the proposed amendment to IFRS 16 in relation to COVID-19-related rent concessions. An agenda paper for the meeting is not yet available. The IASB expects to post the paper on 12 May.

The CMAC/GPF meeting was originally scheduled for 18-19 June 2020. A new date has not yet been announced.

The ASAF meeting was to be held on 9-10 July. It has been cancelled completely and the next regularly meeting is currently scheduled for 1-2 October 2020. 

Topics to be discussed include:

• Presentation of Financial Statements in the Public Sector
• Differential Reporting
• Contextual Factors and Imprudent Discount Rate Assumptions
• Disclosure of Tax Expenditures

Registration is now open until 15 May. Participants can attend free of charge, however, registration is required.

Please click for more information on the IPSASB website.

Background

On 23 January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1 Presentation of Financial Statements based on the contractual arrangements in place at the reporting date. The amendments currently have an effective date of 1 January 2022.

In April 2020, the IASB held a supplementary IASB meeting to consider COVID-19-related matters including the Board's timelines in view of the COVID-19 pandemic. The Board tentatively decided to delay by one year the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after 1 January 2023.

The proposed amendment published today is solely seeking to delay the effective date of the January 2020 amendments by one year.

Suggested changes

The changes proposed in ED/2020/3 Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Proposed amendment to IAS 1) would defer the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after 1 January 2023. Earlier application of the January 2020 amendments would continue to be permitted.

Comment period

Comments on the exposure draft are requested by 3 June 2020. The shortened comment period of 30 days was approved in a DPOC meeting on 16 April 2020.

Additional information

Please click for:

• IASB press release (link to IASB website)
• Access to the exposure draft on the IASB website
• Our IFRS in Focus newsletter on the ED
• Our IAS Plus project page on Classification of liabilities — Effective date

Comments on Tentative Agenda Decision

IAS 12 Income Taxes—Multiple Tax Consequences of Recovering an Asset (Agenda Paper 2): The Committee decided to finalise the agenda decision, with some suggested changes to the drafting.

Research Summary

Supply Chain Financing—Reverse Factoring (Agenda Paper 3): The Committee members provided suggestions for the questions to be addressed in the upcoming agenda paper for supply chain financing.

More Information

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

A summary of the agenda is set out below:

Agenda papers for the meeting are available on the IASB website.