Updated IASB work plan — Analysis (May 2020)
May 25, 2020
On May 25, 2020, the International Accounting Standards Board (the Board) updated its work plan following its May 2020 meeting.
Below is an analysis of all changes made to the work plan since our last analysis on April 24, 2020.
Standard-setting projects
- no changes
Maintenance projects
- Annual improvements — 2018-2020 cycle — removed from the work plan as the IASB completed this cycle of annual improvements by issuing Annual Improvements to IFRS Standards 2018–2020 on May 14, 2020; projects that were part of this cycle included:
- 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 — Effective date — an exposure draft ED/2020/3 Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Proposed amendment to IAS 1) was published on May 4, 2020 with comments requested by June 3, 2020; the feedback on the exposure draft will be discussed in June 2020
- IFRS 16 and COVID-19 — the IASB discussed the feedback on the exposure draft published on April 24, 2020 at its supplementary meeting on May 15, 2020 and expects to issue final amendments "on or around May 28, 2020"
- IAS 37 — Onerous contracts — removed from the work plan as the IASB issued Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37) on May 14, 2020
- IAS 16 — Proceeds before intended use — removed from the work plan as the IASB issued Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16) on May 14, 2020
- IFRS 3 — Updating a reference to the Conceptual Framework — removed from the work plan as the IASB issued Reference to the Conceptual Framework (Amendments to IFRS 3) on May 14, 2020
Research projects
- Dynamic risk management — core model outreach has been clarified to take place in fourth quarter of 2020 (previously second half of 2020)
Other projects
- IFRS Taxonomy update — Amendments to IFRS 17 and IAS 16 — a project newly added to the work plan; a proposed taxonomy update is expected in July 2020
- IFRS Taxonomy update — Covid-19-related rent concessions (Amendment to IFRS 16) — a project newly added to the work plan; a proposed taxonomy update is expected in May 2020
The revised IASB work plan is available on the Board's website.