In this month’s podcast, the Chair of the International Accounting Standards Board (Board), Hans Hoogervorst, and Board member Darrel Scott, together with communications team member Kasia Gilewska, provide a summary of discussions held at the November Board meeting as well as of other developments.
Hans opens the podcast with an overview of the proposed amendments to IFRS 17 Insurance Contracts. He summarises stakeholders’ feedback from comment letters on the exposure draft and outlines the Board’s next steps in this project.
After that summary, Hans and Darrel speak about two projects that fall within the scope of the Board’s work on Better Communication in Financial Reporting: Management Commentary (a project to revise and update IFRS Practice Statement 1 Management Commentary) and Disclosure Initiative—Targeted Standards-level Review of Disclosures. Hans mentions the Board’s continued discussions on the Business Model—a key area of management commentary. Darrel, meanwhile, provides an overview of the Board’s deliberations on the review of two Standards: IAS 19 Employee Benefits and IFRS 13 Fair Value Measurement; he also recaps the Board’s discussion on its use of language—in particular, when the Board should use prescriptive or advisory language to describe its disclosure requirements.
Darrel next summarises the Board’s discussion of a recommendation from the IFRS Interpretations Committee (the body that works with the Board in supporting the application of IFRS Standards) in relation to the Lack of Exchangeability (IAS 21) project; and he briefly describes the feedback on the Annual Improvements to IFRS Standards 2018–2020.
The podcast finishes with a short conversation about the Board’s research project on subsidiaries that are SMEs.
A full summary of the Board meeting can be found in the November IASB Update.