IFRS Updates For January 2024

()

The International Accounting Standards Board (IASB) is the board saddled with the responsibility of setting and issuing international Finance Repointing Standards (IFRS).

To carry out it’s work, the IASB usually meets monthly except in August.

In this article, we will look into the details of issues discussed and tentatively decided on by the IASB during it’s January 2024 Meeting.

IASB January Meeting

The IASB met on 22–23 January 2024. The IASB and ISSB met on 25 January 2024.

Topics Discussed At IASB January Meeting

The following topics were discussed at both meetings:

 

1. Power purchase agreements:

The IASB discussed the staff’s preliminary views on how to address accounting issues related to power purchase agreements. No decisions were made.

 

2. Post-implementation review (PIR) of IFRS 15 Revenue from Contracts with Customers:

The IASB discussed the feedback received in response to the request for information on the PIR of IFRS 15 and a plan for the next phase of the project. The IASB expects to finalise its decisions by the third quarter of 2024.

 

3. Maintenance and consistent application:

The IASB did not object to the finalisation of an agenda decision published by the IFRS Interpretations Committee. In addition, the staff presented the most recent IFRIC Update.

 

4. Amendments to the classification and measurement of financial instruments:

The IASB decided to finalise proposals in the exposure draft Amendments to the Classification and Measurement of Financial Instruments with regard to the assessment of contractual cash flows, financial assets with non-recourse features and contractually linked instruments.

 

5. IFRS accounting taxonomy update—amendments to IAS 12, IAS 21, IAS 7 and IFRS 7:

The IASB discussed the feedback received on the proposed IFRS taxonomy update International Tax Reform—Pillar Two Model Rules, Supplier Finance Arrangements and Lack of Exchangeability. No decisions were made.

IFRS Accounting Taxonomy Update—Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7 (Agenda Paper 25)

The IASB met on 23 January 2024 to consider:

 

feedback on the IFRS Accounting Taxonomy 2023—Proposed Update 1 International Tax Reform—Pillar Two Model Rules, Supplier Finance Arrangements and Lack of Exchangeability; and

the next steps in the project:

The Proposed IFRS Taxonomy Update 1/2023 proposes changes to the IFRS Accounting Taxonomy to reflect disclosure requirements arising from:

International Tax Reform—Pillar Two Model Rules, which amended IAS 12 Income Taxes;

International Tax Reform—Pillar Two Model Rules—Amendments to the IFRS for SMEs Standard, which amended the IFRS for SMEs Accounting Standard;

Supplier Finance Arrangements, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures; and

Lack of Exchangeability, which amended IAS 21 The Effects of Changes in Foreign Exchange Rates

 

6.Second comprehensive review of the IFRS for SMEs accounting standard:

The IASB continued its redeliberations on the proposals in the exposure draft Third edition of the IFRS for SMEs Accounting Standard. The IASB made decisions with regard to liabilities arising from financing activities, bearer plants, impairment of financial assets and leases.

 

7. Disclosure initiative—subsidiaries without public accountability: disclosures:

The IASB made decisions on sweep issues with regard to some more judgemental changes to the disclosure requirements proposed in the exposure draft Subsidiaries without Public Accountability: Disclosures resulting from implementing the modified approach discussed in previous meetings.

 

8. Updating the Subsidiaries without Public Accountability Disclosures standard:

The IASB decided to propose disclosure requirements in a catch-up exposure draft following the publication of the forthcoming IFRS accounting standard Subsidiaries without Public Accountability: Disclosures. These disclosures relate to supplier finance arrangements, international tax reform—pillar two model rules and lack of exchangeability.

 

9. Feedback on ISSB consultation on agenda priorities (joint session with the ISSB):

The boards discussed the feedback received in response to the ISSB’s request for information (RFI) Consultation on Agenda Priorities related to integrated reporting and connectivity to help decide which next steps should be taken by the IASB and ISSB respectively. No decisions were made. As a next step, the IASB will discuss the direction of the management commentary project while the ISSB will continue to discuss feedback on the RFI and make decisions based on that feedback.

For more details on this check IAS Plus (Deloitte) website

This IASB Update and joint IASB–ISSB Update highlights preliminary decisions of the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). Projects affected by these decisions can be found on the work plan. The IASB’s final decisions on IFRS® Accounting Standards, Amendments, IFRIC® Interpretations and IFRS® Sustainability Disclosure Standards are formally balloted as set out in the IFRS Foundation’s Due Process Handbook.

For more details check up IFRS website

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *