Updated IASB work plan — Analysis (July 2020 meeting)
Jul 25, 2020
Following the IASB's July 2020 meeting, we have analyzed the IASB work plan to see what changes have resulted from the meeting and other developments since the work plan was last revised in June 2020. Changes are numerous.
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.