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At its October 2021 meeting, the International Accounting Standard Board (IASB) concluded that IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities are working as intended.

At its February 2022 meeting, the IASB:

  1. decided whether and, if so, when to take further action on topics arising from the Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 by applying the approach the IASB discussed at its January 2022 meeting; and
  2. concluded that sufficient work has been completed and that it will publish a Report and Feedback Statement on the Post-implementation Review.

IASB® Update February 2022

The IASB met on 23 February 2022 to apply the approach agreed at its January 2022 meeting to decide:

  • the priority of topics discussed at its October 2021 meeting arising from the Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities;
  • whether and, if so, when to take further action on additional topics arising from the Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12; and
  • topics not to take further action on.

The IASB was also asked whether it had undertaken sufficient work to conclude the Post-implementation Review.

Based on its analysis and deliberation of the feedback, the IASB decided that topics identified in the Post-implementation Review were not of high enough priority to be added to the IASB’s work plan of active projects or research pipeline for 2022 to 2026. The IASB commented that if stakeholders required more immediate support on application questions, questions can be submitted to the IFRS Interpretations Committee. 

Specifically, the IASB decided the following topics do not have medium-priority characteristics:

  1. investment entities—subsidiaries that are investment entities;
  2. collaborative arrangements outside the scope of IFRS 11; and
  3. transactions that involve ‘corporate wrappers’.
    Nine of 12 IASB members agreed with the decisions in (a) and (b). All 12 IASB members agreed with the decision in (c).

The IASB decided that these three topics are of low priority, to be addressed only if identified as a priority in the next Agenda Consultation.

The IASB decided that the topic—transactions that change the relationship between an investor and an investee—is also of low priority.
Ten of 12 IASB members agreed with this decision.

The IASB decided to take further action on disclosure of interests in other entities as a low-priority topic.
All 12 IASB members agreed with this decision.

The IASB decided not to take further action on any other topics arising from the Post-implementation Review.
All 12 IASB members agreed with this decision.

The IASB decided that sufficient work has been completed to conclude the Post-implementation Review and for the staff to prepare the Report and Feedback Statement on the Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12.
All 12 IASB members agreed with this decision.

Next milestone

Feedback Statement