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Pre-meeting summaries for the June 2021 IASB meeting

18 Jun 2021

The IASB is meeting on Tuesday 22 and Wednesday 23 June 2021, by video conference. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and the staff recommendations.

Board work plan update: The staff will provide an update of its activities. The Board completed amendments to: IAS 8 (Definition of Accounting Estimates); IAS 1 (Disclosure of Accounting Policies); IFRS 16 (Covid-19-Related Rent Concessions beyond 30 June 2021); and IAS 12 (Deferred Tax related to Assets and Liabilities arising from a Single Transaction).

At future meetings the Board will be asked whether it wants to add projects for the interaction of IFRS 10 and IFRS 16 (sale of a subsidiary with a leaseback) and amendments to IFRS Practice Statement 2 relating to information about possible future events that have not affected the entity’s financial performance or financial position and have uncertain outcomes, similar to the proposals in the Exposure Draft Management Commentary.

The Board currently has six consultation documents open for comment and expects to publish in the next six months an exposure draft on disclosure by subsidiaries without public accountability and a request for information as part of its post-implementation review of the classification and measurement requirements in IFRS 9.

Accounting for derecognised financial assets when insurers first apply IFRS 17: In May, the Board discussed an accounting mismatch between financial assets and insurance contract liabilities that could arise at the beginning of the comparative period on transition to IFRS 17 when financial assets have been derecognised during the comparative period. The staff recommend that the Board propose a narrow-scope amendment to IFRS 17 to permit an entity to apply a classification overlay in the comparative period(s) presented on initial application of IFRS 17 and IFRS 9. The staff are seeking a 60-day comment period for the ED (which the Trustees cleared this week).

Equity Method—identifying the principles in IAS 28 Investments in Associates and Joint Ventures:  The staff have identified what they consider to be the principles in IAS 28, and principles they say are missing. They plan to use the analysis to address application questions. They do not intend incorporating the principles into IAS 28.

Goodwill and Impairment: The Board will continue its discussion of feedback on particular aspects of the DP—focusing this month on the project’s objective and scope, which the staff recommend be reaffirmed. 

Primary Financial Statements: The staff recommend that the Board require that, if a numerator or a denominator of a ratio meets the definition of an MPM, that numerator or denominator should be included in the scope of the MPM requirements in order to ensure all subtotals of income and expenses used in communicating performance are in the scope of MPMs. The staff recommend that the Board not explore expanding the scope of MPM to include measures based on line items presented in the statement(s) of financial performance, the cash flow statement, the statement of financial position or ratios. 

Maintenance and Consistent Application:

IFRS Interpretations Committee Agenda Decisions

The Board will be asked if any members object to the publication of two agenda decisions: Costs Necessary to Sell Inventories (IAS 2) and Preparation of Financial Statements when an Entity is No Longer a Going Concern (IAS 10).

Supplier Finance Arrangements

The staff recommend that the Board start a narrow-scope standard-setting project on supplier finance arrangements to add qualitative and quantitative disclosure requirements to IAS 7, and ‘sign-posts’ to existing disclosure requirements in IFRS 7. The requirements would explain the type of arrangements within its scope, rather than include specific definitions.

Classification of Debt with Covenants as Current or Non-current (IAS 1)

The staff recommend that the Board amend IAS 1 to specify that, if the right to defer settlement for at least twelve months is subject to an entity complying with conditions after the reporting period, then those conditions do not affect whether the right to defer settlement exists at the end of the reporting period (the reporting date) for the purposes of classifying a liability as current or non-current. There would be additional disclosure requirements and ‘non-current liabilities subject to conditions’ would need to be presented separately in the primary financial statements. If the Board decides to amend IAS 1 as recommended the staff also recommend deferring the effective date of the 2020 amendments by one year.

Our pre-meet­ing summaries is available on our June meeting notes page and will be sup­ple­mented with our popular meeting notes after the meeting.

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EFRAG begins public consultation on due process procedures on EU sustainability reporting standard-setting

16 Jun 2021

The EFRAG has launched a public consultation paper, ‘EFRAG Due Process Procedures on EU Sustainability Reporting Standard-Setting’. The consultation paper provides the requirements the EFRAG plans to follow in its role as technical advisor to the European Commission in the preparation of European sustainability reporting standards envisioned in the draft Corporate Sustainability Reporting Directive.

Comments on the consultation paper are due by 15 September 2021. For more information, see the press release on the EFRAG’s website.

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IASB announces second webinar on discussion paper on business combinations under common control

16 Jun 2021

The IASB has announced its second live webinar on discussion paper DP/2020/2 'Business Combinations under Common Control'. The webinar will provide feedback received from outreach activities and address frequently asked questions from stakeholders as well as provide an opportunity for viewers to ask questions.

The webinar will be held on 30 June 2021.  For the con­ve­nience of stake­hold­ers in different time zones, there will be two sessions of the webinar:

  • 09:00-09:45 BST (Morning Session)
  • 04:30-05:15 BST (Afternoon Session)

To register for the webcast or for more in­for­ma­tion, please see the press release on the IASB's website.

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IASB publishes editorial corrections

16 Jun 2021

The IASB has published a first set editorial corrections for 2021.

The corrections relate to the Annotated Issued IFRS Standards 2021, the Issued IFRS Standards 2021, the Annotated Required IFRS Standards 2021 and the Required IFRS Standards 2021 and regard erroneously reproduced paragraphs of IFRS 1, IFRS 9 and IAS 39.

Editorial corrections do not change the meaning or application of pronouncements, but instead correct inadvertent errors. The editorial corrections can be viewed on the editorial corrections page of the IASB's website.

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IASB, EAA, and EFRAG virtual academic research seminar on management commentary

16 Jun 2021

On 18 June 2021, the International Accounting Standards Board (IASB), the European Accounting Association (EAA), and the European Financial Reporting Advisory Group (EFRAG) will hold a virtual research seminar for academics related to the IASB’s exposure draft 'Management Commentary'.

The seminar will provide an overview of the IASB’s exposure draft ED/2021/6 Management Commentary and the EFRAG Secretariat’s initial observations.

Please click for more information and registration on the EAA website.

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Agenda for the June 2021 ITCG meeting

15 Jun 2021

The agenda is available for the next meeting of the IFRS Taxonomy Consultative Group (ITCG), which will be a virtual meeting on 30 June 2021, from 11:00 to 15:35 GMT+1.

The ITCG will discuss the following topics:

  • Agenda consultation
  • Digital reporting implications for the exposure draft Disclosure Requirements in IFRS Standards — A Pilot Approach
  • Tagging implicitly reported concepts
  • Tagging comparative information reported in accordance with a superseded IFRS Standard

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

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IFRS Foundation survey on digital content

15 Jun 2021

The IFRS Foundation is inviting users of its website to comment on the kind of digital content the IFRS Foundation creates.

To this end, a survey has been launched that seeks feedback on different aspects of content associated with the Foundation. Please click for more information in the press release on the IASB website.

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EFRAG, EFFAS, ABAF/BVFA, and IASB to host joint webinar on rate-regulated entities

14 Jun 2021

The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS), the Association Belge des Analystes Financiers (ABAF/BVFA), and the International Accounting Standards Board (IASB) will host a joint webinar on 12 July 2021 on the proposals in the IASB’s Exposure Draft (ED) ‘Regulatory Assets and Regulatory Liabilities’.

On 28 January 2021, the IASB published the ED which would replace IFRS 14 Regulatory Deferral Accounts and would apply when the entity is party to a regulatory agreement that determines the regulated rate the entity can charge for the goods or services it supplies to customers.

The webinar will provide information on the proposals and an opportunity for users to provide feedback.

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

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June 2021 IASB meeting agenda posted

11 Jun 2021

The IASB has posted the agenda for its next meeting, which will be held via video conference on 22–23 June 2021.

During the meeting, the IASB will discuss the following:

  • Work plan update
  • Insurance contracts
  • Equity method
  • Maintenance and consistent application
  • Primary financial statements
  • Goodwill and impairment
  • Farewell

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.

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EFRAG conducting surveys on regulatory assets and regulatory liabilities exposure draft

11 Jun 2021

The European Financial Reporting Advisory Group (EFRAG) is conducting two surveys aimed at (1) preparers and (2) users that analyse the financial statements of rate-regulated entities to participate in an effect analysis of the IASB exposure draft, ‘Regulatory Assets and Regulatory Liabilities’.

On 28 January 2021, the IASB published the ED which would replace IFRS 14 Regulatory Deferral Accounts and would apply when the entity is party to a regulatory agreement that determines the regulated rate the entity can charge for the goods or services it supplies to customers.

The feedback from the surveys will be used to assist the EFRAG in the cost-benefit assessment of the IASB proposals in its final comment letter. The survey is open until 30 July 2021. For more in­for­ma­tion, view the preparers survey and users survey press releases on the EFRAG’s website.

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