IFRS Updates For May 2024

The International accounting Standards Board (IASB) is a body saddled with the responsibility of issuing international Financial Reporting Standards (IFRS). To fulfil this responsibility, the board meets once in a month to deliberate on IFRS issues.

This article dicusses the main issues discussed and agreed on by the IASB which met on 22–25 April 2024.

Points Contained In The IASB April Meeting Agenda

The following are the main points Contained in the meeting agenda:

1. Work plan overview

IASB work plan update (Agenda Paper 8)

2. Research and standard-setting

Post-implementation Review of IFRS 15 Revenue from Contracts with Customers (Agenda Paper 6)

Rate-regulated Activities (Agenda Paper 9)

Intangible Assets (Agenda Paper 17)

Post-implementation Review of IFRS 9—Impairment (Agenda Paper 27)

Second Comprehensive Review of the IFRS for SMEs Accounting Standard (Agenda Paper 30)

3. Maintenance and consistent application

Maintenance and consistent application (Agenda Paper 12)

Climate-related Commitments (IAS 37) (Agenda Paper 12A)

Payments Contingent on Continued Employment during Handover Periods (IFRS 3) (Agenda Paper 12B)

IFRIC Update March 2024 (Agenda Paper 12C)

Climate-related and Other Uncertainties in the Financial Statements (Agenda Paper 14)

Provisions—Targeted Improvements (Agenda Paper 22)

Updating the Subsidiaries without Public Accountability: Disclosures Standard (Agenda Paper 32)

For more details on this agenda, visit the IASB website.

Overview of the IASB’s April 2024 meeting Discussions And Decisions

 

The following are the main points as captured by Delloite ( a renowned accounting firm)

 

1. Second comprehensive review of the IFRS for SMEs Accounting Standard

22 Apr 2024

 

In this session, the IASB continued the redeliberations of its proposals in the ED Third edition of the IFRS for SMEs Accounting Standard.

 

2. Climate-related and other uncertainties in the financial statements

22 Apr 2024

 

In this session, the staff asked the IASB whether it agrees that IFRS Accounting Standards should provide illustrative examples of reporting climate-related and other uncertainties on the financial statements and whether it gives permission to begin balloting the exposure draft for those examples.

 

3. Intangible Assets

23 Apr 2024

 

The purpose of this session was to ask the IASB to make the intangible assets project active. It also discussed the initial work the staff will undertake.

 

4. Rate-regulated activities

23 Apr 2024

 

In this session, the IASB continued to redeliberate the proposals in the Exposure Draft Regulatory Assets and Regulatory Liabilities, on the discount rate, the scope of the new standard in relation to IFRS 17 and consequential amendments to IFRS 3 and IFRS 5.

 

5. Post-implementation review of IFRS 9

24 Apr 2024

 

In this session, the IASB deliberated the feedback received in response to its request for information Post-implementation Review—IFRS 9 Financial Instruments—Impairment.

 

6. Post-implementation review of IFRS 15

24 Apr 2024

 

In this session, the IASB analysed the feedback related to the interaction of IFRS 15 with other IFRS standards. IASB will also further discussed the feedback on “determining the transaction price”.

 

7. Provisions — targeted improvements

25 Apr 2024

 

The purpose of this session was to ask the IASB to decide whether and how to amend certain definitions in IAS 37. The IASB also decided to add requirements and application guidance in IAS 37.

 

8. Maintenance and consistent application

25 Apr 2024

 

The purpose of this session was to ask IASB members whether they object to two agenda decisions finalised by the IFRS Interpretations Committee and to present the latest IFRIC Update.

 

9. Updating the Subsidiaries without Public Accountability: Disclosures Standard

25 Apr 2024

 

The purpose of this session was to ask the IASB to agree on the effective date and transition requirements for the catch-up exposure draft, which proposes amendments to the forthcoming IFRS 19 Subsidiaries without Public Accountability: Disclosures.

 

10. Work plan

25 Apr 2024

 

The purpose of this session was to discuss a proposed prioritisation framework to help the IASB consistently prioritise technical projects on its work plan to balance capacity demand with supply and enable effective execution of the IASB’s mission.

For more details visit:

Delloite website

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