Updated IASB work plan — Analysis (January 2020)
Jan 31, 2020
On January 31, 2020, the International Accounting Standards Board (the Board) updated its work plan following its January 2020 meeting.
Below is an analysis of all changes made to the work plan since our last analysis on December 14, 2019.
Standard-setting projects
- Primary Financial Statements — After publishing an exposure draft in December 2019, the next milestone for this project is now exposure draft feedback. Comments are due by 30 June 2020.
- Rate-regulated Activities — An exposure draft is now expected in H2 2020 (formerly H1 2020).
- Subsidiaries that are SMEs — After reviewing research at the January 2020 Board meeting, the Board decided to elevate this project to a standard-setting project. The next milestone is now a decision on whether to proceed with a discussion paper or exposure draft. No date is listed.
Maintenance projects
- 2019 Comprehensive Review of the IFRS for SMEs Standard — After publishing its Request for Information earlier this month, the next milestone for this project is feedback. Comments are due by 27 July 2020.
- Amendments to IFRS 17, Insurance Contracts — An IFRS amendment is now expected in Q2 2020 (formerly H1 2020).
- Annual improvements — 2018-2020 cycle — Final amendments are now expected in April 2020 (formerly Q2 2020). The following projects are part of the annual improvements:
- Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities (Amendments to IFRS 9)
- Lease Incentives (Amendment to Illustrative Example 13 accompanying IFRS 16)
- Subsidiary as a First-time Adopter (Amendment to IFRS 1)
- Taxation in Fair Value Measurements (Amendment to IAS 41)
- Classification of Liabilities as Current or Noncurrent (amendments to IAS 1) — Removed from the work plan after publishing an IFRS amendment earlier this month.
- Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) — Exposure draft feedback is now expected in Q2 2020 (formerly Q1 2020).
- IBOR Reform and its Effects on Financial Reporting—Phase 2 — An exposure draft is now expected in April 2020 (formerly Q2 2020).
- Lack of Exchangeability (Amendments to IAS 21) — The milestone has shifted from "work in progress" to an exposure draft. No expected date is listed.
- Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37) — An IFRS amendment is now expected in Q2 2020 (formerly H1 2020).
- Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) — An IFRS amendment is now expected in March 2020 (formerly Q1 2020).
- Provisions—Targeted Improvements — After reviewing research at the January 2020 Board meeting, the Board decided to elevate this project to a maintenance project. The next milestone is to decide the project direction. No expected date is listed.
- Updating a Reference to the Conceptual Framework (Amendments to IFRS 3) — An IFRS amendment is now expected in April 2020 (formerly Q2 2020).
Research projects
- Business Combinations under Common Control — A discussion paper is now expected in Q2 2020 (formerly H1 2020).
- Dynamic Risk Management — Core model outreach is now expected in Q2 2020 (formerly H1 2020).
- Extractive Activities — Review research is now expected in Q2 2020 (formerly H1 2020).
Other projects
- Due Process Handbook Review — After discussing the feedback received on the proposed amendments, the DPOC decided to move forward with final amendments. No expected date is listed.
- IFRS Taxonomy Update—Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) — After a discussion at the January 2020 Board meeting, the next milestone is an IFRS Taxonomy Update, expected in March 2020.
The revised IASB work plan is available on the Board's website.