Updated IASB work plan — Analysis
Nov 16, 2017
On November 16, 2017, the International Accounting Standards Board (IASB) updated its work plan following its November 2017 meeting. Changes mostly relate to a new project on management commentary and the fact that the direction of the Board project addressing issues identified during the PIR of IFRS 8 needs to be decided.
Below is an analysis of all changes made to the work plan since our last analysis on October 27, 2017.
Major projects
- A new project Management commentary (Wider corporate reporting) has been added to the IASB's agenda. The aim of the project is to review and update the Management Commentary Practice Statement issued in 2010 to help address the lack of alignment and integration between wider corporate reporting and financial reporting. The next project step will be an exposure draft, however, the Board is still considering the timetable for the publication of the ED.
- Definition of material - feedback on the ED is now expected in February 2018.
Maintenance projects
- Improvements arising from the post-implementation review of IFRS 8 — The feedback received on the ED revealed that respondents had mixed views on the proposals, and Board member views were also mixed. It was suggested during the Board's discussions at the November meeting that if the proposals ended up creating more problems, then the Board should consider not finalizing them. If it was decided to reject only some of the proposals, the staff should then assess the costs and benefits of proceeding with finalizing the remaining proposals. A decision on the project direction is expected in January 2018.
Other projects
- IFRS Taxonomy update for the annual improvements 2017 — new entry added to work plan. A proposed update is expected in November 2017.
The revised IASB work plan is available on the IASB's website.
