The IASB’s agenda paper for the meeting summarizes the academic evidence on extractive activities obtained by its staff after a comprehensive search for papers on topics relevant to IFRS 6, Exploration for and Evaluation of Mineral Resources.

While the number of international comparative studies on extractive companies’ accounting practices is very limited, the IASB’s review found that:

• there appears to be considerable diversity of accounting policies for exploration and evaluation expenditures. Accounting policies varied by country, by sub-industry sector (oil and gas, and mining) and by company size; and
• there appears to be considerable diversity in the disclosure of information about reserves and resources. Many companies disclosed information required by their local jurisdiction or local stock exchange and a few companies disclosed additional information.

For further information, refer to the agenda paper discussed at the IASB’s meeting.

The IASB is seeking feedback on the Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment. The webinar discusses the Board’s preliminary views expressed in the Discussion Paper, which set out to improve the information companies provide to investors, at a reasonable cost, about the acquisitions those companies make. The recording lasts approximately 50 minutes.

Listen to the recording on the IASB's website.

The third webinar on July 9, 2020 will explain the Board’s detailed proposals for disaggregation including general guidance, the analysis of operating expenses and unusual income and expenses. The webinar will last approximately 60 minutes and will include a question-and-answer session.

More information is available here.

Background

On January 23, 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) providing a more general approach to the classification of liabilities under IAS 1, Presentation of Financial Statements, based on the contractual arrangements in place at the reporting date. The amendments had an effective date of January 1, 2022.

In April 2020, the IASB held a supplementary IASB meeting to consider COVID-19-related matters including the Board's timelines in view of the COVID-19 pandemic. The Board tentatively decided to delay by one year the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after January 1, 2023 and published a corresponding exposure draft in May 2020.

The finalized amendment published today defers the effective date of the January 2020 amendments by one year.

Changes

The changes in Classification of Liabilities as Current or Non-current — Deferral of Effective Date defer the effective date of Classification of Liabilities as Current or Non-current (Amendments to IAS 1) to annual reporting periods beginning on or after January 1, 2023. Earlier application of the January 2020 amendments continues to be permitted.

For additional information, please refer to the IASB press release.  

The IASB issued amendments to IFRS 17 in June 2020 to address concerns and implementation challenges. Specifically, the webcast focuses on implementation issues related to the amendments related to (1) requirements other than transition and (2) transition requirements.

Listen to the webcasts on the IASB’s website.

The proposed update includes elements to reflect

• amend­ments to the new and old insurance contracts Standard, IFRS 17 and IFRS 4, issued in June 2020; and
• amend­ments to IAS 16 regarding proceeds before the intended use issued in May 2020.

For more in­for­ma­tion, see the press release and proposed update on the IASB’s website.

The English language recording posted on YouTube can be accessed through the press release on the IASB website.

A recording of this webinar is now available on YouTube.

Below is an analysis of all changes made to the work plan since our last analysis on June 26, 2020.

Stan­dard-set­ting projects

• Man­age­ment Com­men­tary— the issuance of an exposure draft is now expected in the first half of 2021 (pre­vi­ously H2 2020).
• Primary Financial State­ments — a review of the feedback on its exposure draft is now expected in the fourth quarter of 2020 (pre­vi­ously H2 2020).
• Rate-reg­u­lated Ac­tiv­i­ties — the issuance of an exposure draft is now expected in the second half of 2021 (pre­vi­ously H2 2020).

Main­te­nance projects

• Clas­si­fi­ca­tion of Li­a­bil­i­ties as Current or Non-cur­rent (Amend­ments to IAS 1)— this project has been removed from the work plan since the IASB published the final update on July 15, 2020.
• Deferred Tax Related to Assets and Li­a­bil­i­ties Arising From a Single Trans­ac­tion (Amend­ments to IAS 12)— a decision on the project di­rec­tions is expected in the fourth quarter of 2020 (pre­vi­ously no date given).
• IBOR Reform and its Effects on Financial Reporting — Phase 2— IFRS amend­ments are expected in August 2020.
• Lease Liability in a Sale and Leaseback — The issuance of an exposure draft is now expected in September 2020 (pre­vi­ously Q3 2020).
• Supply Chain Financing Arrange­ments — Reverse Factoring — this project has been removed from the work plan without any decision having been made or com­mu­ni­cated by the IFRIC or IASB. The IASB had, in May 2020, agreed to nar­row-scope stan­dard-set­ting.

Research projects

• Business Com­bi­na­tions under Common Control— a dis­cus­sion paper is now expected in September 2020 (pre­vi­ously third quarter of 2020).
• Ex­trac­tive Ac­tiv­i­ties — a decision on this project’s direction is now expected in the first half of 2021 (pre­vi­ously review of research in June 2020).
• Financial In­stru­ments with Char­ac­ter­is­tics of Equity — a decision on this project’s direction is now expected in the fourth quarter of 2020 (pre­vi­ously H2 2020).
• Pension Benefits That Depend on Asset Returns — A review of the research is now expected in the fourth quarter of 2020 (pre­vi­ously H2 2020).
• Post-im­ple­men­ta­tion Review of IFRS 10, IFRS 11 and IFRS 12— The request for in­for­ma­tion is now expected in October 2020 (pre­vi­ously Q4 2020).

Other projects

• Due Process Handbook Review — the revised Due Process Handbook is now expected in July 2020 (pre­vi­ously June 2020).
• IFRS Taxonomy Update —2020 General Im­prove­ments and Common Practice — This project has been added to the work plan and a proposed IFRS Taxonomy Update is expected in the fourth quarter of 2020.
• IFRS Taxonomy Update — Amend­ments to IFRS 17, IFRS 4 and IAS 16 — This project now correctly includes IFRS 4 and dis­cus­sion of the feedback on the proposed IFRS Taxonomy Update is expected in the fourth quarter of 2020 (pre­vi­ously proposed update expected in July 2020).
• IFRS Taxonomy Update — COVID-19 Related Rent Con­ces­sions (Amend­ments to IFRS 16)— A final Taxonomy Update is expected in August 2020 (pre­vi­ously feedback to be discussed in July 2020).
• IFRS Taxonomy Update — Interest Rate Benchmark Reform — Phase 2— The timing of a proposed IFRS Taxonomy Update is now expected in September 2020 (pre­vi­ous­ly Q3 2020).

The above is a faithful com­par­i­son of the IASB work plan at June 26, 2020 and at July 24, 2020.

For access to the current IASB work plan at any time, please click here.