This project originated in conjunction with, and as part of, the wider IASB-FASB convergence project on business combinations. An important objective is alignment of the requirements for recording costs of restructuring activities with those in US GAAP, and alignment of the criteria for recording liabilities with the criteria in other IFRSs. The project also aimed to provide more specific requirements on measuring the liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
On reactivating this project as an IASB-only project in December 2012, the IASB confirmed it will not amend IAS 37 without a full re-exposure. The reactivated project will focus on identifying examples that are continuing to cause difficulty in applying IAS 37 in practice. These examples will initially be used as 'test cases' in developing the elements and measurement chapters of the comprehensive conceptual framework project.
Current status of the project
During their joint meeting in November 2010, the IASB and FASB decided to defer further work on this project. In December 2012, as part of its response to the Agenda consultation 2011, the IASB formally reactivated this project as an IASB-only research project.
|April 2002||Added to the active agenda|
|30 June 2005||ED Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IAS 19 Employee Benefits issued||Comment deadline 28 October 2005|
|9 November 2005||Public roundtable discussions|
|Fourth quarter 2006||Roundtables on liabilities held|
|10 January 2008||IASB releases standards on business combinations||Included consequential amendments to related standards|
|5 January 2010||Exposure Draft ED/2010/1 Measurement of Liabilities in IAS 37 published||Original comment deadline 12 April 2010, extended to 19 May 2010|
|7 April 2010||Staff Paper Recognising liabilities arising from lawsuits published|
|December 2012||Reactivated as an IASB-only research project||Outcomes to be incorporated into the elements and measurement chapters of the Conceptual Framework|