The proposed amendments would introduce a new threshold that requires a company to consider the expected benefits to users of financial statements and the cost to the company of applying accounting policy changes that result from IFRS Interpretation Committee agenda decisions retrospectively.

Review the press release and the overview on the Board's website.

Review the speech on the SEC's website and an interview on Merrill Corporation's website.

Board member Françoise Flores and technical staff provide an overview of the revised Conceptual Framework for Financial Reporting, followed by a Q&A session.

Please click to access the recording here.

Mr. Bricker told the attendees at Baruch College’s Financial Reporting Conference in New York: “With non-GAAP and other disclosures, our rules require that companies must have disclosure controls and procedures, which typically would include appropriate governance practices regarding the measures and policies and controls that prevent error, manipulation, or mischief with the numbers, including a policy that addresses how any changes in the non-GAAP measure will be reported and how corrections of errors will be evaluated”.

Review the full article on Accounting Today's website.

The proposed rule would “refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period.”

The graphs consist of a blueprint illustrating the participants in the financial reporting process; a flow chart showing a simplified version of the blueprint; and a segment chart outlining the reporting requirements for domestic issuers, foreign private issuers, and private companies.

Below is an analysis of all changes made to the work plan since our last analysis on April 30, 2018.

Maintenance project

• Classification of Liabilities (Proposed Amendments to IAS 1) [ED] – The IASB now expects to decide the project direction in Q3/2018. Previously the final amendments to IAS 1 were to have been issued in the second half of 2018.
• Definition of a Business, proposed amendments to IFRS 3 [ED] – The IASB now expects to issue the final amendments to IFRS 3 in the second half of 2018. Previously they were to have been issued in June 2018.
• Lease in­cen­tives (amend­ments to IFRS 16 Il­lus­tra­tive Ex­am­ples) — Added pro­ject to work plan as part of the Annual Improvements to IFRSs 2017-2019 Cycle [Research]; previously no mile­stone or ex­pected date was listed.

Research project

• Discount Rates [Research] – The IASB now expects to issue the research summary in Q3/2018. Previously it was to have been issued in June 2018.
• Goodwill and Impairment [Research]  - The IASB has removed the expected date of issuing a discussion paper or exposure draft. Previously the date was shown as the second half of 2018.
• Management Commentary (Wider corporate reporting) [Research] – The IASB now expects to issue an exposure draft in 2020. Previously no expected date was listed.
• Share-based payments, potential amendments to IFRS 2 [Completed] – The IASN now expects to issue a research summary in Q3/2018. Previously it was to have been issued in June 2018.

Other pro­jects

• IFRS Taxonomy Update – Common Practice (IFRS 13) – The IASB now expects to issue the proposed update in Q3/2018. Previously, it was to have been issued in June 2018.

The re­vised IASB work plan is avail­able on the Board's web­site.

In addition, the webcast answers certain questions presented to the Board during the exposure draft period, as well as next steps in the project.

Review the press release on the Board’s website.