IASB updates work plan in view of COVID-19 developments
Mar 27, 2020
On March 27, 2020, the International Accounting Standards Board (IASB) updated its work plan. The IASB postponed to May 2020 the publication of several narrow-scope amendments to IFRS Standards originally planned for March and April 2020. This consolidation of publications is intended to facilitate more efficient post-publication procedures by the stakeholders. The work plan has been updated accordingly.
Below is an analysis of all changes made to the work plan since our last analysis on March 21, 2020. We also note the projects the IASB intends to move forward with in April 2020.
Standard-setting projects
- No changes
Maintenance projects
- Annual improvements — 2018-2020 cycle — Final amendments are now expected in May 2020 (formerly April 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)
- IBOR Reform and its Effects on Financial Reporting — Phase 2 — An exposure draft is still expected in April 2020
- Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37) — An IFRS amendment is now expected in May 2020 (formerly Q2 2020)
- Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) — An IFRS amendment is now expected in May 2020 (formerly March 2020)
- Updating a Reference to the Conceptual Framework (Amendments to IFRS 3) — An IFRS amendment is now expected in May 2020 (formerly April 2020)
Research projects
- Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 — The rescheduled research review is still expected to take place in April 2020
Other projects
- Due Process Handbook Review — Final amendments are still expected in April 2020
The revised IASB work plan is available on the Board's website.