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Current stage

In November 2020, the International Accounting Standards Board (Board) published the Discussion Paper Business Combinations under Common Control. The Discussion Paper sets out the Board’s preliminary views on possible reporting requirements that would help companies provide better information about business combinations under common control.

The Board is seeking feedback on its preliminary views by 1 September 2021 to help the Board decide whether and how to develop detailed proposals in the next stage of the project.

IASB® Update October 2020

Update (Agenda Paper 8)

The Board met on 27 October 2020 to receive an update on its work plan. The Board was not asked to make any decisions.

Next step

The Board expects to receive the next update on its work plan in the first quarter of 2021.

Covid-19 implications (Agenda Paper 8A)

The Board tentatively decided to extend the comment period for the discussion paper on business combinations under common control from 180 days to 270 days. Nine of 13 Board members agreed with this decision.

The Board also discussed the time lines for other forthcoming consultation documents. In particular, the Board discussed the comment period for the Request for Information on the Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 and potential deferral of the publication date for the exposure draft on management commentary. The Board was not asked to make any decisions.

Next steps

The Board will decide on the comment period for the Request for Information on the Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 at its November meeting.

The Board expects to publish the exposure draft on management commentary in April 2021 instead of February 2021.

Timing of Post-implementation Reviews of IFRS 9 and IFRS 15 (Agenda Paper 8B)

The Board met on 27 October 2020 to consider the timing of the Post-implementation Reviews (PIRs) of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers.

The Board discussed whether to consider the timing of the PIR of IFRS 15 as part of the 2020 Agenda Consultation.

Nine of 13 Board members agreed to do so.

The Board decided to begin the PIR of the IFRS 9 classification and measurement requirements now, but not to begin the PIR of the Standard’s impairment and hedge accounting requirements.

All 13 Board members agreed with this decision.

Next step

The Board will discuss:

  • a project plan for the PIR of the IFRS 9 classification and measurement requirements; and
  • whether, and how if so how, the timing of the PIRs of IFRS 15 and the impairment and hedge accounting requirements in IFRS 9 should be considered as part of the 2020 Agenda Consultation at a future Board meeting.

Next milestone

Discussion Paper Feedback


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