This IASB Update highlights preliminary decisions of the International Accounting Standards Board (Board). Projects affected by these decisions can be found on the work plan. The Board's final decisions on IFRS® Standards, Amendments and IFRIC® Interpretations are formally balloted as set out in the IFRS Foundation's Due Process Handbook.
The Board met remotely on 23–24 March 2021.
The topics, in order of discussion, were:
The Board met on 23 March 2021 to discuss proposals to adjust the timetables for some of its published and forthcoming consultation documents.
The Board decided to extend the comment periods for:
Eleven of 13 Board members agreed with this decision.
The Board met on 23 March 2021 to receive an update on the Equity Method research project.
The update summarised the current status of the project, and detailed the process for selecting application questions to be addressed by the project.
The Board was not asked to make any decisions.
At a future meeting the Board will review the list of application questions and discuss identified principles in IAS 28 Investments in Associates and Joint Ventures.
The Board met on 23 March 2021 to discuss the comment period for the forthcoming exposure draft of the revised IFRS Practice Statement 1 Management Commentary.
The Board decided that the comment period should be more than 120 days but no more than 180 days, with the comment deadline set to avoid conflicting with the comment deadlines for the Board’s other major consultations.
The Board currently plans to publish the exposure draft around the end of April 2021. However, the IFRS Foundation Trustees intend to publish for public comment proposed changes to the Foundation’s Constitution that are necessary to establish a board for setting sustainability reporting standards. Depending on when the Trustees publish those proposals, the Board may postpone publication of the management commentary exposure draft by a few weeks.
The Board met on 23 March 2021 to discuss feedback on its Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment. The Discussion Paper set out the Board’s preliminary views on whether entities can, at a reasonable cost, provide better information about business combinations to users of financial statements. The Discussion Paper included the Board’s preliminary views on disclosure of information and on accounting for goodwill.
The Board was not asked to make any decisions.
The Board will continue discussing feedback on the Discussion Paper at its next meeting.
The Board met on 24 March 2021 to begin redeliberating the proposals in the Exposure Draft General Presentation and Disclosures relating to:
The Board tentatively decided to:
All 13 Board members agreed with this decision. The Board will discuss at a future meeting the precise definition of the investing and financing categories including how they apply to entities for which investing and financing are main business activities (such as banks and other financial institutions).
All 13 Board members agreed with this decision.
The Board tentatively decided to:
The Board also discussed possible approaches for expanding the scope of management performance measures and factors for evaluating them. The Board was not asked to make any decisions.
The Board tentatively decided to:
All 13 Board members agreed with this decision. The Board will discuss the classification of interest received at a future Board meeting when it will also discuss definitions of investing and financing in the statement of profit or loss.
The Board will continue to redeliberate the project proposals at a future meeting.
The Board met on 24 March 2021 to discuss the project plan for the second phase of the Second Comprehensive Review of the IFRS for SMEs Standard.
The Board tentatively decided to:
Twelve of 13 Board members agreed with these decisions.
The Board will start to deliberate the project proposals at a future meeting.
The Board met on 23 March 2021 to receive an update on the February 2021 meeting of the IFRS Interpretations Committee. Details of this meeting were published in the IFRIC Update for February 2021.
The Board was not asked to make any decisions.