IFRS 10, 11 & 12: IASB Updates

This IASB Update on IFRS 10, 11  highlights preliminary decisions of the International Accounting Standards Board (Board). Projects affected by these decisions can be found on the work plan. The Board’s final decisions on IFRS^® Standards, Amendments and IFRIC^® Interpretations are formally balloted as set out in the IFRS Foundation’s Due Process Handbook.  

The Board met remotely on 20–21 July 2021. 

In addition, the IASB held a remote joint meeting with the Financial Accounting Standards Board (FASB) on 23 July 2021. Read the joint Update below. 

Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities (Agenda Paper 7) 

The Board met on 21 July 2021 to discuss feedback on the Request for Information Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. The Request for Information was published in December 2020 and the comment period ended on 10 May 2021.  

The Board discussed:  

1. feedback from comment letters; 

2. feedback from outreach it undertook between January and May 2021; and 

3. an update to the academic literature review. 

The Board was not asked to make any decisions.  

Next step 

The Board will decide at a future meeting whether to take any action as a result of the post-implementation review. The Board would consider any such actions as part of the Third Agenda Consultation.  

Disclosure Initiative—Targeted Standards-level Review of Disclosures (Agenda Paper 11) 

The Board met on 21 July 2021 and decided to extend the comment period for the Exposure Draft Disclosure Requirements in IFRS Standards—A Pilot Approach from 210 days to 293 days, so that it ends on 12 January 2022. The Board noted that this unusually long comment period is justified only because of the unique nature of, and significant new thinking in, the proposals. In particular, the comment period will allow more time for preparers to conduct fieldwork and provide feedback on the practical application of the proposals.  

All 12 Board members agreed with this decision.   

Source: ifrs.org

 
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