IASB post-implementation review process
The IASB undertakes post-issuance reviews of major new standards and amendments, usually after they have been applied internationally for two years.
Requirements for post-implementation reviews
Responsibilities of a post-implementation review as set out in the Due Process Handbook for the International Accounting Standards Board ("Handbook"), in which the objectives of a post-implementation review, according to the Handbook, are:
- to review the important issues that had been identified as contentious during the development of the pronouncement
- to consider any unexpected costs or implementation problems that have been encountered.
Phases of a post-implementation project
The post-implementation project will be distinguished into phases as follows:
Information gathering and outreach
The Boards and the staff will research sources from a range of jurisdictions and functions to:
- review how a requirement that was identified as a contentious issue during its development, is applied in practice, from the perspective of all those involved in the financial reporting supply chain (for example, preparers, auditors, users and regulators)
- identify any unexpected costs or implementation problems that have been encountered.
Preliminary report on the post-implementation review
The tentative conclusions of the review and analysis described above will be included in a preliminary report for the post-implementation review on the pronouncement. The preliminary report will be published by the Board for public comment. This public consultation will allow interested parties to comment on any preliminary views reached by the Board.
After receiving and considering those comments, the report will be finalised and published, inclusive of an indication of the Board's preliminary assessment of how it should respond to each issue reviewed, as appropriate.
Post-implementation reviews currently underway or envisaged
The IASB is currently undertaking a post-implementation review of IFRS 3 Business Combinations
In addition, the IASB expects to begin post-implementation reviews on the following standards in the calendar years indicated:
- IFRS 10 Consolidated Financial Statements
- IFRS 11 Joint Arrangements
- IFRS 12 Disclosure of Interests in Other Entities
For news, discussions and other information about post-implementation reviews of individual standards and amendments, refer to our project summaries.