Updated IASB and ISSB work plan — Analysis (September 2023)
Sep 26, 2023
Following the IASB's and ISSB's September 2023 meetings, we have analysed the work plan on the IFRS Foundation website to see what changes have resulted from the meetings and other developments since the work plan was last revised in July 2023.
Below is an analysis of all changes made to the work plan since our last analysis on July 28, 2023.
Standard-setting projects
- Financial instruments with characteristics of equity — An exposure draft is now expected in November 2023 (previously Q4 2023)
- Management commentary — A decision on the project’s direction is expected in H1 2024 (previously Q4 2023)
- Second comprehensive review of the IFRS for SMEs — A final standard is now expected in 2024 (previously 2025)
Maintenance projects
- Amendments to the classification and measurement of financial instruments — The next project step is now the publication of final amendments in H1 2024
- Amendments to the IFRS for SMEs — International tax reform — The next project step is now the publication of final amendments in September 2023
- Annual Improvements to IFRS Accounting Standards — After the publication of the exposure draft in September 2023, feedback will be discussed in Q1 2024; the following projects are included:
- Cost Method (Amendments to IAS 7)
- Credit Risk Disclosures (Amendments to Illustrative Examples accompanying IFRS 7)
- Determination of a ‘De Facto Agent’ (Amendments to IFRS 10)
- Disclosure of Deferred Difference Between Fair Value and Transaction Price (Amendments to Illustrative Guidance accompanying IFRS 7)
- Gain or Loss on Derecognition (Amendments to IFRS 7)
- Hedge Accounting by a First-time Adopter (Amendments to IFRS 1
- Lessee Derecognition of Lease Liabilities (Amendments to IFRS 9)
- Transaction Price (Amendments to IFRS 9)
- Climate-related and other uncertainties in the financial statements — The project has been renamed; the next project step is now a decision on the project direction expected in H1 2024
- Lack of exchangeability — The project has been removed from the work plan as final amendments were published in August 2023
- Power purchase agreements — A project newly added to the work plan; a decision on the project direction is expected in H1 2024
Research projects
- Business combinations under common control — A decision on the project’s direction is expected in November 2023 (previously September 2023)
- Extractive activities — The next project step is now the publication of a project summary expected in Q4 2023
- Post-implementation review of IFRS 15: Revenue from Contracts with Customers — The feedback received will now be discussed in Q1 2024 (previously H1 2024)
- Post-implementation review of IFRS 9 (Impairment) — The feedback received will now be discussed in November 2023 (previously Q4 2023)
Other projects
- IFRS Accounting Taxonomy Update — Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7 — The proposed IFRS Taxonomy update is expected in October 2023 (previously September 2023)
- IFRS Sustainability Disclosure Taxonomy - Accounting Taxonomy Update — Common practice (Financial instruments) and general improvements — The proposed IFRS Taxonomy update is expected in November 2023 (previously Q4 2023)
The above is a faithful comparison of the IASB and ISSB work plan on July 28, 2023 and September 26, 2023.
For access to the current work plan at any time, please click here