May 2017

Updated IASB work plan — Analysis

May 18, 2017

On May 18, 2017, the International Accounting Standards Board (IASB) updated its work plan following its May 2017 meeting. There were no major changes with the exception of the insurance contracts project being removed from the active projects due to the issuance of IFRS 17.

Below is an analysis of all changes made to the work plan since the last update in April 2017.

Research projects

  • no changes

Major projects

Nar­row-scope amend­ments

  • a new project on long-term interests in associates and joint ventures has been split off from the Annual improvements 2015–2017 — final amendments to IAS 28 are expected within six months
  • a new project vaguely called "Annual improvements (next cycle)" has been added to the agenda — an exposure draft is expected after six months

IFRS Taxonomy

  • proposed taxonomy update on insurance contracts (published together with IFRS 17 yesterday) — a final updated is expected within six months

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

We comment on seven IFRS Interpretations Committee tentative agenda decisions

May 23, 2017

Our Global firm has published comment letters on IFRS Interpretations Committee tentative agenda decisions on IAS 12, IAS 19, IAS 32, IAS 33, IAS 41, IFRS 1, and IFRS 9, as published in the March 2017 IFRIC Update.

More information about the issues is set out below:

Issue Agenda decision supported? More information
IAS 12 Income Taxes — Interest and penalties related to income taxes Yes.
IAS 19 Employee Benefits — Discount rate in a country that has adopted another country’s currency Yes, however we suggest several amendments that we think could help make the tentative agenda decision clearer.
IAS 32 Financial Instruments: Presentation — Centrally cleared client derivatives Yes.
IAS 33 Earnings Per Share — Tax arising from payments on participating equity instruments Yes.
IAS 41 Agriculture — Biological assets growing on bearer plants Yes, however we recommend the Board consider a number of related conceptual issues as part of the Post-implementation Review of IFRS 13.
IFRS 1 First-time Adoption of International Financial Reporting Standards — Subsidiary as a first-time adopter Yes.
IFRS 9 Financial Instruments — Modifications or exchanges of financial liabilities that do not result in derecognition Yes, however we recommend that this issue would be better addressed via a formal Interpretation rather than an agenda decision.

Review all our comment letters to the IASB, IFRS Foundation, and IFRS Interpretations Committee on our Global IAS Plus website.

We Mean Business coalition statement and key recommendations to the G20 leaders

May 22, 2017

In May 2017, the We Mean Business coalition expressed its support for the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD) convened by the Financial Stability Board (FSB).

The We Mean Business coalition has released a statement and key recommendations to the G20 leaders expressing support for the recommendations of the TCFD.

Deloitte is among one of the companies that is committed to action, as part of the We Mean Business coalition.

Review the Statement and key recommendations on the We Mean Business coalition's website.

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