7 IASB General Update

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Publication date
23 January 2024
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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.

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:

  • Power Purchase Agreements
  • Possible connectivity matters

Topics for noting:

  • Provisions - Targeted Improvements
  • Subsidiaries without Public Accountability: Disclosures
  • Rate-regulated Activities
  • Use of a Hyperinflationary Presentation Currency by a Non-hyperinflationary Entity (IAS 21)
  • Climate-related and Other Uncertainties in the Financial Statements

Questions for the Board

Topics for discussion

Power Purchase Agreements (Appendix A)

1 Does the Board have any comments or questions on the Power purchase agreements update?

Potential connectivity matters (Appendix G)

2 Does the Board have any comments or questions on the Potential connectivity matters update?

Topics for noting

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

Recommendation

N/A

Appendices

  • Appendix A: Power Purchase Agreements
  • Appendix B: Provisions – Targeted Improvements
  • Appendix C: Disclosure Initiative – Subsidiaries without Public Accountability: Disclosures
  • Appendix D: Rate-regulated Activities
  • Appendix E: Use of a Hyperinflationary Presentation Currency by a Non-Hyperinflationary Entity (IAS 21)
  • Appendix F: Climate-related and Other Uncertainties in the Financial Statements
  • Appendix G: Possible connectivity matters
  • Appendix H: List of IASB Projects

Appendix A: Power Purchase Agreements

UKEB Project Status: Monitoring
IASB Next Milestone: Exposure Draft Q2 2024

A1 The IASB discussed next steps on its project on Power Purchase Agreements (PPAs) at its December 2023 board meeting[^1]. The IASB tentatively decided:

  1. to undertake narrow-scope standard-setting to amend IFRS 9 Financial Instruments, with the next project milestone to be an exposure draft (ED); and
  2. to explore an approach to this standard-setting that includes amending the ‘own use’ and hedge accounting requirements in IFRS 9.

A2 The IASB decided against an exception for PPAs and virtual PPAs from the scope of IFRS 9.

A3 In relation to the ‘own-use' requirements, the IASB has proposed to clarify how an entity should assess its expected usage, where the underlying characteristics display some of the features set out in the IASB staff paper in respect of PPAs.

A4 In relation to the hedge accounting requirements, the IASB staff paper suggests, among other potential clarifications, additional requirements on how to assess the requirement for a forecast transaction to be ‘highly probable’ for contracts where the underlying non-financial items have the characteristics of PPAs described in the paper.

A5 The IASB proposed addressing both topics at the same time, albeit it was recognised that the changes required to hedge accounting may be more complex and might take longer. It was noted that consequential changes to the IAS 39 hedging requirements would also be required.

A6 In terms of timeframes, the IASB staff indicated they would come back to the IASB board meeting in January 2024 with more details on proposed standard setting, with a view to the board voting on the proposals in a subsequent meeting and an ED to follow afterwards. There is a recognition that some urgency is required on this topic. The IASB workplan indicates that an ED is due in Q2 2024.

Next steps

A7 The UKEB Secretariat will observe the IASB education session[^2] at the IASB's January 2024 meeting, and will provide a verbal update on any significant points arising from the IASB education session.

A8 An ad-hoc ASAF virtual meeting is scheduled for 29 January 2024, the day before the UKEB January 2024 meeting. The paper[^3] for the meeting requests feedback from ASAF members on the proposed potential amendments. Briefing for the meeting incorporated the feedback from Board members, and AFIAG. A verbal update on the discussions at ASAF will be provided at the Board meeting.

A9 An education session for the Board is planned for the March 2024 Board meeting. The Secretariat then plans to bring a Project Initiation Plan to the April 2024 Board meeting for the Board's review and approval.

Question for the Board

1 Does the Board have any comments or questions on the Power purchase agreements update?

Appendix B: Provisions – Targeted Improvements

UKEB Project Status: Monitoring
IASB Next Milestone: Exposure Draft (H2 2024)

Background

B1 In this project, the IASB is assessing the following potential amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

  1. To amend the definition of a liability and the requirements and guidance for applying the present obligation recognition criterion.
  2. To indicate more clearly the rate an entity uses to discount a long-term provision to its present value.
  3. To clarify which costs an entity must consider in measuring an obligation.

B2 The Board was presented with a summary of the IASB tentative decisions on this project at its meeting on 14 December 2023[^4]. At that time, the IASB was yet to decide on the project direction.

The IASB decision

B3 The IASB met on 13 December 2023 to discuss the project direction[^5]. They decided:

  1. to continue developing proposed amendments and
  2. to set the publication of an exposure draft as the next project milestone.

Next steps

B4 The IASB staff envisage that the IASB will be able to complete its technical decisions and start the balloting process for an exposure draft in the first half of 2024, with a view to publishing the exposure draft in the second half of 2024[^6].

B5 The UKEB Secretariat will continue to monitor the IASB discussions.

Appendix C: Subsidiaries without Public Accountability: Disclosures

UKEB Project Status: Monitoring UKEB project page
IASB Next Milestone: IFRS Accounting Standard (expected Q2 2024) UKEB Final Comment Letter (Published February 2022)

Background

C1 At the September 2023 meeting the Secretariat informed the Board that the IASB expects to issue the IFRS Accounting Standard 19 Subsidiaries without Public Accountability: Disclosures (IFRS 19) in the second quarter of 2024.

C2 Since then, the Board has been provided with regular updates of the sweep issues identified by the IASB in drafting the forthcoming IFRS 19.

C3 At the December 2023 IASB meeting the IASB discussed how the proposed disclosure requirements set out in the Exposure Draft Subsidiaries without Public Accountability: Disclosures (ED) will be updated for the forthcoming IFRS Accounting Standard 18 Presentation and Disclosure in Financial Statements (IFRS 18).

Approach to updating the ED for the disclosure requirements in IFRS 18

C4 The proposed disclosure requirements in the ED were based on IAS 1 Presentation of Financial Statements.

C5 IFRS 18, which is expected to be issued before IFRS 19, will supersede IAS 1 and make consequential amendments to other IFRS Accounting Standards.

C6 The table below summarises the approach agreed by the IASB on how the proposed disclosure requirements set out in the ED will be updated for the forthcoming IFRS 18:

| Category of disclosures in IFRS 18 | How they will be dealt with in IFRS 19 | | :--------------------------------- | :-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- IASB December 2023 Agenda Paper 3.

Next steps

A7 The UKEB Secretariat will observe the IASB education session[^2] at the IASB's January 2024 meeting, and will provide a verbal update on any significant points arising from the IASB education session.

A8 An ad-hoc ASAF virtual meeting is scheduled for 29 January 2024, the day before the UKEB January 2024 meeting. The paper[^3] for the meeting requests feedback from ASAF members on the proposed potential amendments. Briefing for the meeting incorporated the feedback from Board members, and AFIAG. A verbal update on the discussions at ASAF will be provided at the Board meeting.

A9 An education session for the Board is planned for the March 2024 Board meeting. The Secretariat then plans to bring a Project Initiation Plan to the April 2024 Board meeting for the Board's review and approval.

Question for the Board

1 Does the Board have any comments or questions on the Power purchase agreements update?

Appendix B: Provisions – Targeted Improvements

UKEB Project Status: Monitoring
IASB Next Milestone: Exposure Draft (H2 2024)

Background

B1 In this project, the IASB is assessing the following potential amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

  1. To amend the definition of a liability and the requirements and guidance for applying the present obligation recognition criterion.
  2. To indicate more clearly the rate an entity uses to discount a long-term provision to its present value.
  3. To clarify which costs an entity must consider in measuring an obligation.

B2 The Board was presented with a summary of the IASB tentative decisions on this project at its meeting on 14 December 2023[^4]. At that time, the IASB was yet to decide on the project direction.

The IASB decision

B3 The IASB met on 13 December 2023 to discuss the project direction[^5]. They decided:

  1. to continue developing proposed amendments and
  2. to set the publication of an exposure draft as the next project milestone.

Next steps

B4 The IASB staff envisage that the IASB will be able to complete its technical decisions and start the balloting process for an exposure draft in the first half of 2024, with a view to publishing the exposure draft in the second half of 2024[^6].

B5 The UKEB Secretariat will continue to monitor the IASB discussions.

Appendix C: Subsidiaries without Public Accountability: Disclosures

UKEB Project Status: Monitoring UKEB project page
IASB Next Milestone: IFRS Accounting Standard (expected Q2 2024) UKEB Final Comment Letter (Published February 2022)

Background

C1 At the September 2023 meeting the Secretariat informed the Board that the IASB expects to issue the IFRS Accounting Standard 19 Subsidiaries without Public Accountability: Disclosures (IFRS 19) in the second quarter of 2024.

C2 Since then, the Board has been provided with regular updates of the sweep issues identified by the IASB in drafting the forthcoming IFRS 19.

C3 At the December 2023 IASB meeting the IASB discussed how the proposed disclosure requirements set out in the Exposure Draft Subsidiaries without Public Accountability: Disclosures (ED) will be updated for the forthcoming IFRS Accounting Standard 18 Presentation and Disclosure in Financial Statements (IFRS 18).

Approach to updating the ED for the disclosure requirements in IFRS 18

C4 The proposed disclosure requirements in the ED were based on IAS 1 Presentation of Financial Statements.

C5 IFRS 18, which is expected to be issued before IFRS 19, will supersede IAS 1 and make consequential amendments to other IFRS Accounting Standards.

C6 The table below summarises the approach agreed by the IASB on how the proposed disclosure requirements set out in the ED will be updated for the forthcoming IFRS 18:

| Category of disclosures in IFRS 18 | How they will be dealt with in IFRS 19 | | :--------------------------------- | :---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------IASB December 2023 Agenda Paper 3.

2 Education session - potential amendments to IFRS 9 (IASB January 2024)

3 ASAF paper for ASAF meeting on 29 January 2024

4 Link to 14 December 2023 - IASB General Update - Agenda Paper 6: Appendix E.

5 Link to IASB Meeting Summary December 2023.

6 Link to IASB staff agenda paper 22 - December 2023 paragraph 12.

7 See paragraph F1-F7 of Agenda Paper 6: Appendix F of the December 2023 UKEB meeting.

8 The IASB staff's analysis and conclusion on these paragraphs of IAS 1 can be found in Appendix A of IASB Agenda paper 31 (December 2023).

9 The IASB's Exposure Draft was published in January 2021 and can be found here.

10 The UKEB comment letter can be found here.

11 IASB Project: Use of a Hyperinflationary Presentation Currency by a Non-hyperinflationary Entity (IAS 21).

12 IFRS Standard - IAS 21: The Effects of Changes in Foreign Exchange Rates.

13 IFRS Standard - IAS 29: Financial Reporting in Hyperinflationary Economies.

14 IFRIC June 2022 meeting - Consolidation of a Non-Hyperinflationary Subsidiary by a Hyperinflationary Parent (IAS 21 and IAS 29) Initial consideration Agenda paper 2.

15 IFRIC June 2023 meeting - Consolidation of a Non-Hyperinflationary Subsidiary by a Hyperinflationary Parent (IAS 21 and IAS 29), Cover paper Agenda paper 5, Additional research Agenda paper 5A, Scope of a possible narrow-scope standard-setting project Agenda paper 5B and Possible solution Agenda paper 5C.

16 IASB December 2023 meeting - Use of a Hyperinflationary Presentation Currency by a Non-hyperinflationary Entity (IAS 21) Background and summary of prior discussions Agenda paper 12A.

17 IASB December 2023 meeting - Use of a Hyperinflationary Presentation Currency by a Non-hyperinflationary Entity (IAS 21) Recommended amendment to IAS 21 Agenda paper 12B.

18 IASB December 2023 Agenda paper 14.

19 IASB December 2023 Agenda paper 14.

20 A Study in Connectivity: Analysis of 2022 UK Company Annual Reports (UKEB September 2023) paras 4.17 and 4.18 (page 38) and paras 4.22 and 4.23 (page 39).

21 Climate-Related Matters: Summary of Connectivity Research (July 2023) Para 5 (page 6).

22 Summary of Committee's discussion on IAS 36 question - Appendix A (IASB December 2023).

23 Initial consideration Climate-related Commitments (IAS 37) (IASB November 2023).

24 Tentative Agenda Decision and comment letters: Climate-related Commitments (IAS 37).

25 Request for Information: ISSB Consultation on Agenda Priorities UKEB Comment Letter (August 2023) Refer to para 22 page 5.

26 Climate-related and Other Uncertainties in the Financial Statements (IASB project webpage).

27 Education session - potential amendments to IFRS 9 (IASB January 2024).

28 IASB December 2023 Agenda paper 15.

29 UKEB Comment Letter to the ISSB on the Agenda Consultation.

30 ISSB Consultation on Agenda Priorities - Joint National Standard Setters Letter (October 2023).

31 IASB December 2023 Agenda paper 14 Climate related risks and other uncertainties in the Financial Statements.

32 ISSB and IASB joint meeting ISSB Consultation on Agenda Priorities - Feedback summary—Connectivity (para 14).

33 IASB Reserve List projects.

34 IASB December 2023 Agenda paper 14 (refer page 9).

35 IFRS Reserve List projects.

36 ISSB January 2024 Agenda Paper 2.

37 ISSB January 2024 Agenda Paper 2B.

38 ISSB January 2024 Agenda Paper 2A.

39 UKEB Comment Letter on the ISSB Agenda Consultation.

40 All comment letters are available on the ISSB website. VIEW THE COMMENT LETTERS.

41 The Investment Association response to ISSB RFI, Q1 additional areas to consider.

42 M&G Plc response to ISSB RFI, Q2 additional comments.

43 Reddington response to ISSB RFI, Question 2—Criteria for assessing sustainability reporting matters.

44 100 Group of Finance Directors response Q1 additional comments.

45 National Standard Setters Sustainability Forum.

46 National Standard Setter joint letter to the ISSB Agenda Consultation.

47 All comment letters are available on the ISSB website. VIEW THE COMMENT LETTERS.

48 The Investment Association responded 'n/a' on joint approach question.

49 All comment letters are available on the ISSB website. VIEW THE COMMENT LETTERS.

50 UKEB National Standard Setters Sustainability Forum.

51 This list does not include projects related to the IFRS Interpretations Committee or IASB's projects outside the UKEB's work remit (such as the Second Comprehensive Review of the IFRS for SMEs Accounting Standard).