The International Accounting Standards Board (IASB) is redeliberating proposals in the Exposure Draft Regulatory Assets and Regulatory Liabilities.
The Exposure Draft, published in January 2021, sets out the IASB’s proposals for a model to account for regulatory assets and regulatory liabilities. If issued as a new IFRS Accounting Standard, the proposals would replace IFRS 14 Regulatory Deferral Accounts.
The IASB discussed feedback on the Exposure Draft in October and November 2021.
The IASB met on 22 May 2024 to redeliberate:
The IASB also considered comments about other IFRS Accounting Standards for which no amendments are proposed in the Exposure Draft (Agenda Paper 9B).
Regarding the prospective IFRS Accounting Standard on rate-regulated activities, the IASB tentatively decided to clarify that:
All 14 IASB members agreed with these decisions.
The IASB tentatively decided to retain the proposal in the Exposure Draft to delete the temporary exception in paragraph 54G of IAS 8. This exception requires an entity developing an accounting policy for regulatory account balances to refer to the Framework for the Preparation and Presentation of Financial Statements instead of the Conceptual Framework for Financial Reporting issued in 2018.
All 14 IASB members agreed with this decision.
IFRS Accounting Standard
International Accounting Standards Board May 2024