August 2015

IASB issues work plan update, changes presentation

Aug 05, 2015

On July 31, 2015, following its July meeting, the International Accounting Standards Board (IASB) updated its work plan. It has also changed the presentation so that a direct comparison with the status as at June 30 is not easily possible as the attribution to quarters has been abandoned.

The following changes have been made:

  1. the new IFRS on insurance contracts is not expected until 2016;
  2. an exposure draft on changes in accounting policies and estimates (disclosure initiative) will also be delayed to 2016;
  3. discussion papers on macro hedging and on rate-regulated activities are not to be expected before 2016;
  4. the IASB expects to issue final amendments on the implementation projects on the unit of account (expected not before 2016) and on the recognition of deferred tax assets for unrealized losses (late 2015 or early 2016); and
  5. instead of finalizing the project on the elimination of gains or losses arising from transactions between an entity and its associate or joint venture the IASB intends to issue an exposure draft proposing to defer the effective date of the September 2014 amendments to IAS 28, IFRS 10 and IFRS 12.

The revised IASB work plan is available on the IASB's Web site. The IASB has also published a work plan guide that explains the new presentation format.

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