IASB updates work plan
Sep 23, 2016
On September 23, 2016, the International Accounting Standards Board, following its September 2016 meeting, updated its work plan. The most noticeable change to the work plan is the expected point of time the final standard on insurance contracts will be published: March 2017.
Changes to the work plan include:
Major projects
- Insurance contracts: A final standard is now expected in March 2017
Implementation projects
- Disclosure initiative — Changes in accounting policies and estimates: Updated to indicate that the staff is currently drafting the ED
- IFRS 3 — Definition of a business and IFRS 3/IFRS 11 — Remeasurement of previously held interests: Updated to indicate that a decision on the direction of the joint projects is now expected within 6 months;
- IAS 21 — Foreign currency transactions and advance consideration: A final interpretation is now expected in December 2016
- IAS 40 — Transfers of investment property: Final amendments are now expected in December 2016
- IAS 12 — Accounting for uncertainties in income taxes: A final interpretation is now expected after 6 months;
- Annual Improvements (2014-2016): Final amendments are now expected in December 2016.
Research projects
- Disclosure initiative — Principles of disclosure: A discussion paper is now expected in December 2016;
- Primary financial statements: A decision on the project scope is expected within 3 months;
- IFRS 2 — Research project on share-based payments: A summary of the research results so far is expected within 3 months, there will be no further work on the project.
Post-implementation reviews
- A post-implementation review of IFRS 13, Fair Value Measurement has been initiated. A decision on the project direction is expected within 6 months.
The revised IASB work plan is available on the IASB's Web site.