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IASB updates work plan

  • IFRS - IASB Image

Dec 16, 2016

On December 16, 2016, following its meeting, the International Accounting Standards Board (IASB) updated its work plan. In particular, the IASB has split its project on materiality into two parts to reflect mandatory guidance (definition of materiality) and non-mandatory guidance (materiality practice statement).

Here are the key changes to the work plan:

Research projects

  • Primary financial statements — the issuance of a discussion paper or exposure draft is expected after six months.

Standard-setting and related projects

  • Disclosure initiative: materiality (split into two parts):
    • Materiality practice statement — current activity has changed from analysis to drafting.
    • Definition of materiality — currently in the drafting phase with an exposure draft expected within six months.
  • Insurance contracts — expected issuance of the IFRS is expected within three months (March 2017).

Nar­row-scope amend­ments and IFRIC In­ter­pre­ta­tions

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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.