One major development in the iFRS world in June 2024  is the usual monthly meeting of the IASB, which is the body saddled with the responsibility of issuing the international Financial Reporting Standards (IFRS).

This article examines based on information available from the IASB office, how the IASB met in its offices in London on 19–20 June 2024 and held a joint meeting with the FASB via video conference on 21 June 2024.

 

 

Agenda For The IASB June 2024 Meeting

Wednesday 19 June 2024 (09:30-15:45)

 

Management Commentary

Project direction

Post-implementation of IFRS 16

Project plan

Dynamic Risk Management

Capacity assessment Presentation requirements Disclosure requirements

Equity Method

Towards an Exposure Draft – Sweep Issues

Thursday 20 June 2024 (09:45–14:45)

 

Provisions

Summary of tentative decisions Sweep issues Transition requirements Effects analysis and review of due process

Pollutant Pricing Mechanisms

Horizon scanning activities and feedback summary Summary of feedback – national standard-setters Pollutant pricing mechanisms survey and questionnaire

Work plan update

Friday 21 June 2024 (14:00-16:30) Joint IASB-FASB Meeting

 

Post-implementation review of revenue standards

Overview of post-implementation reviews Overview of the IASB’s discussions FASB Standard-Setting update

Post-implementation review of leases standards

Post-implementation review of IFRS 16 Topic 842 post-implementation review

For a more detailed information on the agenda you may visit their website:

IAS plus website

 

IASB June 2024 Meeting Summary

 

During the meeting of IASB including their meeting with the US Financial Accounting Standards Board (FASB) on 21 June 2024. The following topics were discussed and decisions taken:

 

1.The IASB decided unanimously to finalise the project by making targeted refinements to the proposals in the exposure draft (ED).

 

2. Post-implementation review (PIR) of IFRS 16 Leases: The IASB discussed the objective, activities and expected time line for the first phase of the PIR.

 

3. Dynamic risk management: The IASB made decisions on capacity assessment and presentation requirements. The IASB also discussed disclosure requirements on the DRM model but did not make any decisions on those.

 

4. Equity method: The IASB decided on sweep issues identified from the review comments of the pre-ballot draft of the equity method ED. Most significantly, the IASB decided by casting vote of the Chair not to add to the scope of the project the application question ‘in which order does an investor or joint venturer that has previously reduced the carrying amount of the investment to nil, recognise its share of the associate’s or joint ventures comprehensive profits that exceed its share of losses not recognised?’.

 

5. Provisions—targeted improvements: The IASB decided on three sweep issues arising as a consequence of its tentative decisions in the project. The IASB also made decisions about the transition requirements for the proposed amendments and confirmed that the due process has been followed in developing the proposed amendments. The ED will have a comment period of 120 days.

 

6. Pollutant pricing mechanisms: The IASB received an update on horizon scanning activities in relation to pollutant pricing mechanisms. As a next step, the IASB will decide whether to prioritise a project on pollutant pricing mechanisms.

 

7. Work plan update: The IASB received an update on its work plan and on its recent digital financial reporting activities.

 

8.Joint education session with the FASB: The IASB and the FASB discussed their respective PIRs of their revenue and leases standards.

 

For a more detailed information on the decisions taken at the meetings visit:

IASB website

 

 

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