6 IASB General Update

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14 December 2023 Agenda Paper 6

UKEB UK Endorsement Board

Executive Summary

Project Type	Monitoring
Project Scope	Various

Purpose of the paper

This paper provides the Board with an update on projects the Secretariat is currently monitoring, including the work of the IFRS Interpretations Committee.

As agreed with the Board, the Secretariat monitors projects being undertaken by the IASB and IFRS Interpretations Committee. This is undertaken to inform the Board about the progress and decisions being made by the IASB on active projects. Discussion by the Board may also help inform interactions with international standard setter meetings, including the IASB's Accounting Standards Advisory Forum (ASAF).

Summary of the Issue

Topics addressed in this paper:

Topics for discussion:

Primary Financial Statements
Climate-related matters (including IFRS Interpretation Committee discussions)
Amendments to the Classification and Measurement of Financial Instruments

Topics for noting:

Post-implementation Review of IFRS 9 – Impairment
Provisions - Targeted Improvements
Subsidiaries without Public Accountability: Disclosures
Equity Method
Business Combinations under Common Control
Interpretations Committee Update

Questions and Decisions for the Board

Questions for the Board

Topics for discussion

Primary Financial Statements (Appendix A)

Do Board members have any questions or comments on the updates in the paper?

Does the Board have any initial comments on the Committee's discussion?
Does the Board agree to consider the Committee's Tentative Agenda Decision (TAD) at its January 2024 meeting?
Does the Board agree that we should engage with advisory group members in advance of that meeting?
Does the Board have any questions or comments on the updates on the 'Power Purchase Agreements' or 'Climate-related and Other Uncertainties in the Financial Statements' projects?

Amendments to the Classification and Measurement of Financial Instruments (Appendix C)

Does the Board have any views on the IASB tentative decisions on this project?

Topics for noting

Do Board members have any questions or comments on the topics for noting?

Decisions for the Board

IFRS Interpretations Committee Update (Appendix I)

Do Board members agree that the UKEB will NOT undertake further work on this matter [Tentative Agenda Decision] at this point in time?

Recommendation

IFRS Interpretations Committee Update (Appendix I)

The Secretariat recommends the UKEB does not undertake further work on the matter [Tentative Agenda Decision].

Appendices

Appendix A: Primary Financial Statements
Appendix B: Climate-related matters (including IFRS Interpretation Committee discussions)
Appendix C: Amendments to the Classification and Measurement of Financial Instruments
Appendix D: Post-implementation Review of IFRS 9 – Impairment
Appendix E: Provisions – Targeted Improvements
Appendix F: Disclosure Initiative – Subsidiaries without Public Accountability: Disclosures
Appendix G: Equity Method
Appendix H: Business Combinations under Common Control
Appendix I: IFRS Interpretations Committee Update
Appendix J: List of IASB Projects

Appendix A: Primary Financial Statements

Topic for Discussion

UKEB Project Status: Active Monitoring	UKEB project page
IASB Next Milestone: IFRS Accounting	UKEB Secretariat Comment Letter (Published in September 2020)
Standard	Exposure Draft (ED): General Presentation and Disclosures (comment period revised April 2020)

Purpose of this update

A1At the September 2023 meeting we informed the Board that the IASB had tentatively decided to start the balloting process of the forthcoming IFRS Accounting Standard 18 Presentation and Disclosure in Financial Statements (IFRS 18). [A high-level summary of all the tentative decisions made by the IASB (since the ED was published) can be accessed here].

A2Since then, we have been providing the Board with regular updates of the sweep issues identified by the IASB at the pre-ballot stage.

Update on tentative IASB decisions in November 2023

A3At the November 2023 IASB meeting the IASB discussed the following sweep issues:

Topic 1: The meaning of the role of the primary financial statements to provide a 'useful structured summary' and the interaction with:
1. Topic 1A: The materiality assessment.
2. Topic 1B: The disaggregation and aggregation requirements.

These issues were addressed in response to comments made by reviewers of the IFRS 18 pre-ballot draft (the UKEB Secretariat was one of those reviewers).

Topic 2: The scope of income and expenses classified in the investing category. The IASB had already discussed the composition of the investing category at September 2022 meeting[^1]. The November 2023 IASB's discussions clarified:
1. Topic 2A: The classification of incremental expenses directly attributable to acquiring (issuing) and disposing of specified[^2] assets (liabilities).
2. Topic 2B: The financial assets for which the income and expenses are classified in the investing category.

These issues were addressed in response to a request for clarity made by the IASB.

A4In the tables on pages 4-6 (for Topics 1A-1B) and on pages 7-9 (for Topics 2A-2B) we provide more context around those discussions and of the tentative decisions made by the IASB. For ease of reference, Annex A reproduces the IASB's November 2023 tentative decisions in full.

Other 'minor' sweep issues (agreed by the IASB to be addressed in drafting)

A5At its October 2023 meeting, the IASB identified a list of minor sweep issues that had been identified in the balloting phase of IFRS 18 and that the IASB had decided to address in drafting[^3].

A6At its November 2023 meeting, the IASB identified additional minor sweep issues that will also be addressed in drafting. The table in the next page provides a list of these issues for information only.

A7The minor sweep issues identified so far by the IASB relate to:

Subtotals and categories;
Management-defined performance measures;
Aggregation and disaggregation;
Transition; and
Other topics.

Minor sweep issues discussed at the IASB November 2023 meeting[^4]

Subtotals and categories

Transition requirements for investments in associates or joint ventures measured at fair value through profit or loss in accordance with IFRS 9 Financial Instruments.
The financial assets an entity invests in that will require the classification of income and expenses from cash and cash equivalents in the operating category.
Income and expenses on liabilities arising from issued investment contracts with participation features recognised applying IFRS 9.
Classification of foreign exchange differences on liabilities that arise from transactions that do not involve only the raising of finance that are denominated in a foreign currency.
Timing to implement changes in the outcome of the assessment of specified main business activities when the change occurs during the period.
Disclosure of a change in the assessment of a specified main business activity.
Disclosure of specified main business activities.
Assessment of specified main business activities.

Management-defined performance measures

Disclosure of changes to management-defined performance measures.
Totals or subtotals required to be disclosed by other IFRS Accounting Standards.
Timing of public communications.
Application of the requirements for management-defined performance measures to specific measures.
Use of the term 'reasonable and supportable information' in the rebuttable presumption for management-defined performance measures.

Aggregation and disaggregation

Disclosure requirement for an aggregation of items for which information is not material.

Topic 1: Interaction between disaggregation guidance and the role of the primary financial statements

Topic 1A: Clarification of the interaction between the concept of 'useful structured summary' and 'materiality'

Current [Draft] IFRS 18	IASB observations	Consistency with UKEB proposals
[Draft] IFRS 18 IFRS states that: (a) The role of the primary financial statements is to provide a useful structured summary of assets, liabilities, equity, income, expenses and cash flows (by allowing entities to make comparisons and to have an understandable view of these items).	The IASB observed that in practice entities apply the concept of materiality through a process as illustrated in IFRS Practice Statement 2: Making Materiality Judgements. Step 3 of the four-step materiality process is about organising information in the financial statements to communicate clear and concise information to users.	This clarification is in line with the UKEB Secretariat's suggestion in paragraph A40 of the GPD Final Comment Letter to the IASB to encourage entities to omit disclosures that are not material, as it was our view that the disclosure of immaterial information can impair understandability and obscure useful information.
(b) The role of the notes is to provide material financial information to understand and supplement the information of the primary financial statements.	The IASB was of the view that educational materials could clarify that an entity considers the roles of the primary financial statements and the notes in deciding how to present information in applying step 3 of the four-step materiality process.

Topic 1B: Clarification of the interaction between the concept of 'useful structured summary' and the presentation of line items and subtotals

Current [Draft] IFRS 18	Changes to the drafting	Consistency with UKEB proposals
[Draft] IFRS 18 includes the following requirements in relation to the presentation of the line items listed in [draft] IFRS 18[^5] and those required by other IFRS Accounting Standards:	The IASB tentatively decided to:	These clarifications are in line with the UKEB Secretariat's suggestion in paragraph A40 of the GPD Final Comment Letter to the IASB to clarify that an entity should exclude a specific presentation or disclosure required by an IFRS Standard if the information resulting from that presentation or disclosure is not material.
(a) Those line items should not be presented if doing so reduces how effective the statement is in providing a useful structured summary.	(a) Clarify that the application of the classification requirements determining a primary financial statement's structure will always result in a useful structured summary. [This was to avoid entities looking for an alternative structure that would not be comparable across entities.]	The Secretariat also observed that this would be the case even if the IFRS standard contains a list of specific requirements or describes them as minimum requirements.
(b) Additional line items and subtotals should be presented if they are necessary to provide a useful structured summary.	(b) Clarify that an entity need not present separately a specific line item in a primary financial statement if doing so is unnecessary for the statement to provide a useful structured summary[^6]—this would be the case even if other IFRS Accounting Standards contain a list of specific required line items or describe the line items as minimum requirements. [This decision does not change the requirement to disclose these line items in the notes when they are material].
The proposed application guidance in [draft] IFRS 18: (a) Refers that, in general, it is unlikely that presenting the list of items set out in [draft] IFRS 18 in the operating category would reduce the effectiveness of the income statement in providing a useful structured summary. This guidance is referring to line items related to the income statement[^7].	(c) Remove the proposed application guidance on how unlikely presenting the list of items set out in [draft] IFRS 18 in the operating category would reduce the effectiveness of the income statement. [This is because the IASB observed that some of the listed line items in [draft] IFRS 18 will be relevant only for certain entities, for example the line items required by IFRS 17Insurance Contracts will be relevant for insurers].
(b) Includes an example[^8] on aggregation and disaggregation of operating expenses based on dissimilar characteristics.	(d) Make consequential revisions to the example in the application guidance in [draft] IFRS 18 on aggregation and disaggregation of operating expenses based on dissimilar characteristics. [This is to strengthen the importance of disaggregation in the operating category].

Topic 2: The scope of income and expenses classified in the investing category

Topic 2A: Classification of incremental expenses

| Tentative decisions | Sweep issues | Changes to tentative decisions | Consistency with UKEB proposals | 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Executive Summary

Project Type	Monitoring
Project Scope	Various

Purpose of the paper

This paper provides the Board with an update on projects the Secretariat is currently monitoring, including the work of the IFRS Interpretations Committee.

Summary of the Issue

Topics addressed in this paper:

Topics for discussion:

Primary Financial Statements
Climate-related matters (including IFRS Interpretation Committee discussions)
Amendments to the Classification and Measurement of Financial Instruments

Topics for noting:

Post-implementation Review of IFRS 9 – Impairment
Provisions - Targeted Improvements
Subsidiaries without Public Accountability: Disclosures
Equity Method
Business Combinations under Common Control
Interpretations Committee Update

Questions and Decisions for the Board

Questions for the Board

Topics for discussion

Primary Financial Statements (Appendix A)

Do Board members have any questions or comments on the updates in the paper?

Does the Board have any initial comments on the Committee's discussion?
Does the Board agree to consider the Committee's Tentative Agenda Decision (TAD) at its January 2024 meeting?
Does the Board agree that we should engage with advisory group members in advance of that meeting?
Does the Board have any questions or comments on the updates on the 'Power Purchase Agreements' or 'Climate-related and Other Uncertainties in the Financial Statements' projects?

Amendments to the Classification and Measurement of Financial Instruments (Appendix C)

Does the Board have any views on the IASB tentative decisions on this project?

Topics for noting

Do Board members have any questions or comments on the topics for noting?

Decisions for the Board

IFRS Interpretations Committee Update (Appendix I)

Do Board members agree that the UKEB will NOT undertake further work on this matter [Tentative Agenda Decision] at this point in time?

Recommendation

IFRS Interpretations Committee Update (Appendix I)

The Secretariat recommends the UKEB does not undertake further work on the matter [Tentative Agenda Decision].

Appendices

Appendix A: Primary Financial Statements
Appendix B: Climate-related matters (including IFRS Interpretation Committee discussions)
Appendix C: Amendments to the Classification and Measurement of Financial Instruments
Appendix D: Post-implementation Review of IFRS 9 – Impairment
Appendix E: Provisions – Targeted Improvements
Appendix F: Disclosure Initiative – Subsidiaries without Public Accountability: Disclosures
Appendix G: Equity Method
Appendix H: Business Combinations under Common Control
Appendix I: IFRS Interpretations Committee Update
Appendix J: List of IASB Projects

Appendix A: Primary Financial Statements

Topic for Discussion


UKEB Project Status: Active Monitoring	UKEB project page
IASB Next Milestone: IFRS Accounting	UKEB Secretariat Comment Letter (Published in September 2020)
Standard	Exposure Draft (ED): General Presentation and Disclosures (comment period revised April 2020)

Purpose of this update

A2Since then, we have been providing the Board with regular updates of the sweep issues identified by the IASB at the pre-ballot stage.

Update on tentative IASB decisions in November 2023

A3At the November 2023 IASB meeting the IASB discussed the following sweep issues:

Topic 1: The meaning of the role of the primary financial statements to provide a 'useful structured summary' and the interaction with:
1. Topic 1A: The materiality assessment.
2. Topic 1B: The disaggregation and aggregation requirements.

These issues were addressed in response to comments made by reviewers of the IFRS 18 pre-ballot draft (the UKEB Secretariat was one of those reviewers).

Topic 2: The scope of income and expenses classified in the investing category. The IASB had already discussed the composition of the investing category at September 2022 meeting[^1]. The November 2023 IASB's discussions clarified:
1. Topic 2A: The classification of incremental expenses directly attributable to acquiring (issuing) and disposing of specified[^2] assets (liabilities).
2. Topic 2B: The financial assets for which the income and expenses are classified in the investing category.

These issues were addressed in response to a request for clarity made by the IASB.

Other 'minor' sweep issues (agreed by the IASB to be addressed in drafting)

A5At its October 2023 meeting, the IASB identified a list of minor sweep issues that had been identified in the balloting phase of IFRS 18 and that the IASB had decided to address in drafting[^3].

A7The minor sweep issues identified so far by the IASB relate to:

Subtotals and categories;
Management-defined performance measures;
Aggregation and disaggregation;
Transition; and
Other topics.

Minor sweep issues discussed at the IASB November 2023 meeting[^4]

Subtotals and categories

Transition requirements for investments in associates or joint ventures measured at fair value through profit or loss in accordance with IFRS 9 Financial Instruments.
The financial assets an entity invests in that will require the classification of income and expenses from cash and cash equivalents in the operating category.
Income and expenses on liabilities arising from issued investment contracts with participation features recognised applying IFRS 9.
Classification of foreign exchange differences on liabilities that arise from transactions that do not involve only the raising of finance that are denominated in a foreign currency.
Timing to implement changes in the outcome of the assessment of specified main business activities when the change occurs during the period.
Disclosure of a change in the assessment of a specified main business activity.
Disclosure of specified main business activities.
Assessment of specified main business activities.

Management-defined performance measures

Disclosure of changes to management-defined performance measures.
Totals or subtotals required to be disclosed by other IFRS Accounting Standards.
Timing of public communications.
Application of the requirements for management-defined performance measures to specific measures.
Use of the term 'reasonable and supportable information' in the rebuttable presumption for management-defined performance measures.

Aggregation and disaggregation

Disclosure requirement for an aggregation of items for which information is not material.

Topic 1: Interaction between disaggregation guidance and the role of the primary financial statements

Topic 1A: Clarification of the interaction between the concept of 'useful structured summary' and 'materiality'

Current [Draft] IFRS 18	IASB observations	Consistency with UKEB proposals
[Draft] IFRS 18 IFRS states that: (a) The role of the primary financial statements is to provide a useful structured summary of assets, liabilities, equity, income, expenses and cash flows (by allowing entities to make comparisons and to have an understandable view of these items).	The IASB observed that in practice entities apply the concept of materiality through a process as illustrated in IFRS Practice Statement 2: Making Materiality Judgements. Step 3 of the four-step materiality process is about organising information in the financial statements to communicate clear and concise information to users.	This clarification is in line with the UKEB Secretariat's suggestion in paragraph A40 of the GPD Final Comment Letter to the IASB to encourage entities to omit disclosures that are not material, as it was our view that the disclosure of immaterial information can impair understandability and obscure useful information.
(b) The role of the notes is to provide material financial information to understand and supplement the information of the primary financial statements.	The IASB was of the view that educational materials could clarify that an entity considers the roles of the primary financial statements and the notes in deciding how to present information in applying step 3 of the four-step materiality process.

Topic 1B: Clarification of the interaction between the concept of 'useful structured summary' and the presentation of line items and subtotals

Current [Draft] IFRS 18	Changes to the drafting	Consistency with UKEB proposals
[Draft] IFRS 18 includes the following requirements in relation to the presentation of the line items listed in [draft] IFRS 18[^5] and those required by other IFRS Accounting Standards:	The IASB tentatively decided to:	These clarifications are in line with the UKEB Secretariat's suggestion in paragraph A40 of the GPD Final Comment Letter to the IASB to clarify that an entity should exclude a specific presentation or disclosure required by an IFRS Standard if the information resulting from that presentation or disclosure is not material.
(a) Those line items should not be presented if doing so reduces how effective the statement is in providing a useful structured summary.	(a) Clarify that the application of the classification requirements determining a primary financial statement's structure will always result in a useful structured summary. [This was to avoid entities looking for an alternative structure that would not be comparable across entities.]	The Secretariat also observed that this would be the case even if the IFRS standard contains a list of specific requirements or describes them as minimum requirements.
(b) Additional line items and subtotals should be presented if they are necessary to provide a useful structured summary.	(b) Clarify that an entity need not present separately a specific line item in a primary financial statement if doing so is unnecessary for the statement to provide a useful structured summary[^6]—this would be the case even if other IFRS Accounting Standards contain a list of specific required line items or describe the line items as minimum requirements. [This decision does not change the requirement to disclose these line items in the notes when they are material].
The proposed application guidance in [draft] IFRS 18: (a) Refers that, in general, it is unlikely that presenting the list of items set out in [draft] IFRS 18 in the operating category would reduce the effectiveness of the income statement in providing a useful structured summary. This guidance is referring to line items related to the income statement[^7].	(c) Remove the proposed application guidance on how unlikely presenting the list of items set out in [draft] IFRS 18 in the operating category would reduce the effectiveness of the income statement. [This is because the IASB observed that some of the listed line items in [draft] IFRS 18 will be relevant only for certain entities, for example the line items required by IFRS 17Insurance Contracts will be relevant for insurers].
(b) Includes an example[^8] on aggregation and disaggregation of operating expenses based on dissimilar characteristics.	(d) Make consequential revisions to the example in the application guidance in [draft] IFRS 18 on aggregation and disaggregation of operating expenses based on dissimilar characteristics. [This is to strengthen the importance of disaggregation in the operating category].

Topic 2: The scope of income and expenses classified in the investing category

Topic 2A: Classification of incremental expenses

Appendix G: Equity Method

UKEB Project Status:	Monitoring
IASB Next Milestone:	Exposure Draft

Background

G1. At its September 2023 meeting, the IASB tentatively decided to propose disclosure requirements for investments in associates in relation to its tentative decisions on the Equity Method project to date.

G2. At its November 2023 meeting, the IASB discussed whether those disclosure requirements should also be proposed for investments in joint ventures; and for investments in subsidiaries when a parent elects to use the equity method to account for its investments in subsidiaries in separate financial statements as permitted in IAS 27 Separate Financial Statements.

G3. The IASB also discussed the transitional provisions to be proposed in the Exposure Draft (ED)[^2] for the proposed amendments to IAS 28 Investments in Associates and Joint Ventures.

Possible improvements to disclosure requirements for investments in joint ventures

G4. The IASB staff paper recommended the IASB propose the same improvements to the disclosure requirements for investments in joint ventures as those it had previously tentatively decided to propose for investments in associates[^3].

Possible improvements to disclosure requirements for investments in subsidiaries accounted for using the equity method

G5. At its October 2023 meeting, the IASB decided that its tentative decisions on application questions for investments in associates apply when a parent elects to use the equity method to account for its investments in subsidiaries in separate financial statements[^4]. However, a parent electing to use the equity method for its investments in subsidiaries is not required to apply the disclosure requirements for investments in associates and joint ventures in IFRS 12 Disclosure of Interests in Other Entities[^5]. Therefore, the IASB's tentative decision at the October 2023 meeting does not necessarily mean that the IASB must also propose the same disclosure requirements.

G6. However, the IASB's tentative decision that a parent recognises in full gains or losses from transactions with its subsidiaries in its separate financial statements when applying the equity method to its investments in subsidiaries will be a change to the requirements in IAS 28[^6].

G7. The IASB staff paper recommended the IASB propose that a parent, that elects to use the equity method to account for its investments in subsidiaries in separate financial statements, discloses the amount of gains or losses from transactions to its subsidiaries ('downstream' transactions e.g. a sale of assets from the investor to its associates)[^7].

G8. The rationale for the recommendation is that, for a user interested in the parent entity's performance, it may be helpful to understand how much of the parent's net profit or loss has been generated from transactions with the subsidiaries.

IASB tentative decision

G9. All IASB members agreed with the IASB staff recommendation for investments in joint ventures. This was mainly because associates and joint ventures were considered sufficiently similar in nature, including the accessibility and costs of obtaining the relevant information which would not be expected to be different.

G10. Most IASB members supported the staff recommendation for investments in subsidiaries.

Transitional provisions

G11. Paragraph 19 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors states that:

an entity shall account for a change in accounting policy resulting from the initial application of an IFRS Accounting Standard in accordance with the specific transitional provisions, if any, in that IFRS Accounting Standard; and
when an entity changes an accounting policy upon initial application of an IFRS Accounting Standard that does not include specific transitional provisions applying to that change, or changes an accounting policy voluntarily, it shall apply the change retrospectively.

G12. Under retrospective application an entity would be required to present its financial statements as if the proposed requirements had always been effective which would result in the most useful information for users of financial statements. This is because information presented for prior periods would be comparable.

G13. However, in assessing whether the IASB should propose retrospective application of the requirements to be proposed in the ED, the IASB is cognisant that some of the proposals to be included in the ED may be difficult to apply to transactions that occurred in a previous reporting period, e.g. the new requirements to be proposed for purchases of additional interests. Retrospective application might be complex and costly because it could require information (such as fair values of assets or liabilities) for transactions that occurred long before the effective date of the new or amended requirements.

IASB tentative decision

G14. In balancing the usefulness of information to users and the cost and complexity for preparers of retrospective application, the IASB tentatively decided to propose that an investor or a joint venturer would:

retrospectively apply the requirement to recognise the full gain or loss on all transactions with its associates or joint ventures;
recognise and measure contingent consideration at fair value at the transition date, and recognise any corresponding adjustment to the carrying amount of its investments in associates or joint ventures; and
prospectively apply all the other requirements from the transition date.

Next steps

G15. At a future IASB meeting, the staff will ask the IASB to consider:

any sweep issues; and
whether it is satisfied the required due process steps have been completed before publishing an ED of amendments to IAS 28.

G16. The IASB work plan, at the time of writing, indicates that the ED is expected in H2 2024.

G17. The UKEB Secretariat will continue to monitor the IASB discussions.

Appendix H: Business Combinations under Common Control

UKEB Project Status:	Monitoring	UKEB project page
IASB Next Milestone:	Project summary	UKEB Final Comment Letter (Published September 2021)

Background

H1. The IASB published a Discussion Paper DP/2020/2 Business Combinations under Common Control in November 2020[^1]. The DP was the first stage in developing requirements to account for business combinations under common control (BCUCCs), as they are currently excluded from the scope of IFRS 3 Business Combinations. Since that date, the IASB has been discussing the feedback received and redeliberating the preliminary view that BCUCCs would typically be accounted for at book value, unless an external party or non-controlling shareholder is part of the transaction, i.e. where there is some third-party influence.

H2. The feedback given by the UKEB Chair at the July 2023 ASAF meeting was that the BCUCC project should be discontinued and that the IASB should give priority to more relevant projects. Some other members of ASAF also considered that the project should be discontinued.

Update

H3. The IASB met on 14 November 2023 and decided to discontinue the project. In arriving at their decision, the IASB assessed whether the benefits of standard-setting to reduce or eliminate diversity in practice would outweigh the costs of standard-setting.

H4. This decision was made after the IASB had engaged in consultation with stakeholders, considering all the costs and benefits, including the cost of stakeholders to continue to engage in the development of requirements, the costs of implementing requirements, the ongoing costs of applying the requirements, and the ongoing benefits for users, the IASB was in favour of discontinuing the project.

H5. Entities must still consider the general requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors when accounting for BCUCCs.

Next steps

H6. The IFRS Foundation staff will produce a project summary, expected in Q2, 2024, which will detail the feedback from stakeholders and the rationale for the IASB's decision.

Appendix I: IFRS Interpretations Committee Update

UKEB Project Status:	Monitoring
IASB Next Milestone:

Background

I1. The UKEB's Due Process Handbook notes that the UKEB expects to respond to a limited number of tentative agenda decisions published by the IFRS Interpretations Committee (Interpretations Committee). Some factors to consider when deciding whether to respond may be:

the degree of impact of the tentative agenda decision on UK companies (for example, in cases where the tentative agenda decision is expected to affect a significant number of UK companies);
disagreement with the Interpretation Committee's analysis; or
usefulness of the explanations and clarifications included in the tentative agenda decision.

I2. The Interpretations Committee held a meeting on 28 – 29 November 2023. At the time of drafting this paper the IFRIC Update has not been published by the IASB.

I3. A number of the items discussed by the Interpretations Committee are addressed in other papers:

Tentative Agenda Decision: Climate-related Commitments (see Appendix B to this paper).
Input: Climate-related and Other Uncertainties in the Financial Statements (see Appendix B to this paper).
Input: Provisions—Targeted Improvement (see Appendix E to this paper).
Input: Power Purchase Agreements (see Appendix B to this paper).

I4. The following tables summarise the other current matters on the Interpretations Committee agenda.

| TENTATIVE AGENDA DECISIONS OPEN FOR COMMENT

6 IASB General Update

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