IASB updates work plan

  • IASB (International Accounting Standards Board) (blue) Image

27 Oct 2015

The IASB recently updated its work plan. The Board changed the format in July 2015, so that a direct comparison with previous work plans is not easily possible, as the attribution to quarters has been abandoned.

On major projects, the decision on the project direction on conceptual framework has moved from "after six months" to "within six months."  The disclosure initiative – materiality practice statement project is expected to be publish “after six months.” For all other major pro­jects — as far as can be told from the IASB's new ap­proach — the next project steps may or may not have been pushed back by one month since the last work plan update.

Updates re­gard­ing the im­ple­men­ta­tion pro­jects now include the addition of the annual improvements 2015–2017 and remeasurement of previously held interests — obtaining control or joint control in a joint operation that constitutes a business projects. Next, disclosure initiative – amendments to IAS 7 is now in the draft IFRS stage and a final IFRS is expected within the “next three months.” Also, remeasurement at a plan amendment, curtailment or settlement / availability of a refund of a surplus from a defined benefit plan project is no longer in public consultation stage; instead the IASB will conduct analysis and decide on the direction of this project within the “next six months.” Lastly, two recently published draft IFRIC Interpretations (uncertainty over income tax treatment and foreign currency transactions and advance consideration) are now in public consultation; further direction on the project will occur “after six months.” For all other im­ple­men­ta­tion pro­jects, the next project steps may also have been pushed back by one month or not.

In addition, two research projects (discount rates and goodwill and impairment) in the assessment phase have been updated to reflect that discussions have begun.

The revised IASB work plan is avail­able on the IASB's Web site.

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