Below is an analysis of all changes made to the work plan since our last analysis on July 20, 2018.

Standard-setting projects

• Primary financial statements — After deliberations at its September meeting, the IASB decided to move the project from the research agenda to the standard-setting agenda.

Main­te­nance projects

• Classification of liabilities as current or non-current (Amendments to IAS 1) — After deliberations at its September meeting, the IASB decided the next milestone would be an IFRS amendment. No expected date has been set.
• Definition of a business (Amendments to IFRS 3) — An IFRS amendment has been pushed to October 2018 (previously set to September 2018).
• Disclosure Initiative — Accounting policies — Newly added to the work plan. The Board discussed this topic at its September meeting. An exposure draft is noted in the work plan without an expected date.
• Updating a reference to the Conceptual Framework (Amendments to IFRS 3) — Newly added to the work plan; the Board will decide the project direction at its November 2018 meeting.

Research projects

• Extractive activities — Newly added to the work plan. The Board discussed this topic at its September meeting and plans to review research. No expected date is listed.
• IBOR reform and the effects of financial reporting — Newly added to work plan; the Board plans to decide the project direction in Q4 2018.
• Pension benefits that depend on asset returns — Newly added to the work plan; the Board plans to review research in H2 2019.
• Share-based payment — The project summary slipped from September 2018 and is now expected in October 2018.

Other projects

• IFRS Taxonomy update — 2018 general improvements — Newly added to the work plan; a proposed update is expected in Q4 2018.
• IFRS Taxonomy update — Common practice (IFRS 13) — The IASB published this update on 20 September 2018. The work plan now states that the Board will analyse feedback in Q1 2019.

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

This Taxonomy update includes elements to reflect the new common reporting practice for the disclosure requirements in IFRS 13, Fair Value Measurement, including (1) sensitivity of fair value measurement to changes in unobservable inputs and (2) quantitative information about significant unobservable inputs used in fair value measurement.

Review the press release and Taxonomy update on the Board’s website.

As in 2017, the summary presents the main deficiencies identified in companies’ continuous disclosure and financing documents and provides examples of corrected information and reminders to help them prepare compliant documents. New content for this year includes a section on the booming cryptocurrency and marijuana industries, as well as a section on socially responsible investing based on environmental, social and governance criteria. The AMF is taking a closer look at the information provided to investors in these areas and, among other things, has published a notice on the disclosure of climate change-related risks and financial impacts.

The summary also contains an initial report on the application of the Act respecting transparency measures in the mining, oil and gas industries and outlines several regulatory initiatives.

Review the press release and the summary on the AMF's website.

The guidelines are intended to assist organizations in meeting their breach reporting and record-keeping obligations under PIPEDA’s mandatory breach reporting regime, which comes into force on November 1, 2018. Organizations have until October 2, 2018 to provide feedback on these draft guidelines.

Review the press release and draft guidelines on the OPC's website and a summary on Blakes Businness Class' website.

The report findings provide insight into the following areas:

• breakdown and percentages of women on boards for full-year 2017
• breakdown and percentages of women executive officers for full-year 2017
• industry breakdown of women directors for full-year 2017
• diversity policies and targets for full-year 2017
• 2018 mid-year results regarding the number and percentage of women directors and women in executive officer positions by industry
• board policies on diversity and policies related to the nomination and identification of women on boards
• targets for women on boards and in executive officer positions

The report also includes statistics on the proportion of companies with a female CEO and companies with a female board chair.

Review the press release and the report on Osler's website.

In a summary published by Davis Polk LLP, the Climate Risk Disclosure Act would require the SEC to issue rules for every public company to disclose:

• Its direct and indirect greenhouse gas emissions
• The total amount of fossil-fuel related assets that it owns or manages
• How its valuation would be affected if climate change continues at its current pace or if policymakers successfully restrict greenhouse gas emissions to meet the Paris accord goal; and
• Its risk management strategies related to the physical risks and transition risks posed by climate change

The SEC can tailor the rules to different industries, and impose additional requirements on companies in the fossil fuel industry.

Review the Act on the U.S. Senate's website.

This webcast discusses the Board’s preferred approach approach to the presentation of financial liabilities.

Review the press release on the Board's website, which offers access to the webcast and to the slides, which can be downloaded separately.

All six webcasts of the series are available on the Board's FICE project page.

The survey results show that 75% of investors rate segment disclosures as very important to their analysis, but that only 13.4% are satisfied with the segment disclosures as currently provided. The survey therefore concludes that the implication for standard-setters is that there is substantial work to be done to meet segment disclosure investor needs.

The following additional results are also provided in the report:

• 83.4% of respondents strongly agreed or agreed that segments should be disclosed as a critical audit matter.
• 67.8% of respondents agreed or strongly agreed that competitive harm is overstated as a reason not to improve segment disclosures.
• 86.6% of respondents agreed or strongly agreed that technological improvements should, but have not, substantially improved segment disclosures.
• 72.7% of respondents agreed that regulators do not seem to enforce segment disclosure requirements effectively.
• 61.8% of respondents indicated that the public discussion of results was not necessarily consistent with segment results.
• 74.8% of respondents agreed that non-GAAP measures are not, but should be, reconciled to segment results.
• 77.8% of respondents noted that segment disclosures are not always presented clearly and reconciled to the basic financial statements.
• 82.4% stated that presentation by product/service or by region made comparative analysis more difficult.

Although the paper is more focused on US GAAP and Topic 280, the paper points at the similarity of the segment reporting requirements between US GAAP and IFRS and notes that a review of IFRS 8 Operating Segments should also be a project for the IASB.

Review the full report on the CFA Institute's website.

Key findings of the survey are:

• 52% of organizations anticipate a "material change" to their financial reporting
• 67% of all organizations have not yet started or are on the impact assessment phase
• 34% rate the determination of lease terms as highly complex
• 86% of organizations are not considering early adoption
• 43% have not yet determined their transition budgets
• 74% of respondents do not currently have dedicated software systems for contracts
• 61% of respondents are considering externally developed leasing systems
• 38% of IFRS 16 respondents are considering the modified retrospective approach

Review the full survey results on our Global IAS Plus website.

Financial Executives International (FEI) published an interview with Deloitte lead partner on the survey Laurence Rivat discussing the survey results and especially IT aspects around implementing the new standards.

When implemented, the Proposed Instrument will provide authoritative Canadian securities legislative requirements for issuers when they disclose non-GAAP and other financial measures. The Proposed Instrument would replace Staff Notice 52-306 (Revised) Non-GAAP Financial Measures, which provided guidance to help ensure such disclosure is not misleading. Staff Notice 52-306 was issued in 2003 and updated several times subsequently to respond to changing circumstances.

Additionally, the Proposed Instrument:

• relates to the disclosure of financial measures (including ratios) that are non-GAAP financial measures, segment measures, capital management measures and supplementary financial measures, as defined in the Proposed Instrument;
• refers to all documents (e.g., Management’s Discussion and Analysis, news releases, the Annual Information Form, prospectuses etc.) including other written communications in websites or social media; and
• includes an updated definition of a non-GAAP financial measure which builds upon and incorporates the disclosure guidance in Staff Notice 52-306.

Review the press release on the CSA's website and the Proposed National Instrument on the CSA members’ website.