Below is an analysis of all changes made to the work plan since our last analysis on February 23, 2018.

Standard-setting project

• Conceptual Framework — The revised framework is to be expected next week.

Maintenance projects

• Accounting policies and accounting estimates (amendments to IAS 8) — After discussion at the March IASB meeting, the next milestone has changed from "exposure draft feedback" to "decide project direction". No date has been given.
• Accounting policy changes (amendments to IAS 8) — the work plan states "March 2018" (unchanged entry) and a separate communication confirms that an exposure draft will be published on March 27, 2018.
• Definition of a business (amendments to IFRS 3) — An IFRS amendment is expected in June 2018 (previously set to Q2 2018).
• Disclosure initiative — Definition of material (amendments to IAS 1 and IAS 8) — this project has been changed from "standard-setting" to "maintenance". Exposure draft feedback is still expected in April 2018.
• Disclosure initiative — Targeted standards-level review of disclosures — newly added to the work plan. The Board will decide project direction in June 2018.
• Improvements to IFRS 8 Operating Segments (amendments to IFRS 8 and IAS 34) — The Board discussed this topic at its March meeting. A feedback statement is now expected in H2 2018.

Research projects

• Business combinations under common control — A discussion paper is expected in H1 2019.
• Disclosure initiative — Principles of disclosure — After this topic was discussed at the March IASB meeting, the next milestone on the work plan was changed from "decide project direction" to "discuss remaining issues" in June 2018.
• Discount rates — Research summary is expected in June 2018.
• Financial instruments with characteristics of equity — A discussion paper is expected in June 2018.
• Post-implementation review of IFRS 13 Fair Value Measurement — After a discussion at its March meeting, the IASB added an expected date of H2 2018 for its feedback statement.
• Share-based payment — Research summary is expected in June 2018.

Other projects

• IFRS Taxonomy Update—2017 Annual Improvements — The final update was removed from the IASB’s work plan, as the 2018 IFRS Taxonomy was issued on March 16, 2018.
• IFRS Taxonomy Update — Common Practice (IFRS 13) — A proposed updated is expected in June 2018.
• IFRS Taxonomy Update — Prepayment features with negative compensation (amendments to IFRS 9) — This was removed from the IASB’s work plan, as the Update was published on March 16, 2018.

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

Pursuant to Section 346 of the TSX Company Manual (the "Manual"), an issuer may not make any representation, oral or written, that its securities will be listed on TSX or that application has been or will be made to list its securities on TSX except with the written permission of the Director of the Ontario Securities Commission, unless:

1. application has been made to list the securities and securities of the same issuer are already listed on TSX; or
2. TSX has granted approval to the listing, conditional or otherwise, or has consented to or indicated that it does not object to the representation. Furthermore, such representation may not be made in a preliminary prospectus, draft prospectus or other offering document, unless otherwise consented to by TSX.

Review the announcement on the TSX's website.

The report notes the following discussions:

• Value and effectiveness of the Board's approach to effects analysis — Council members advised how the IFRS Foundation could improve the effectiveness of its Effect Analysis work.
• Effectiveness of the Board’s current conference strategy — Council members noted that conferences are one tool the Foundation can use to support its goals, but discussed other less-costly ways to achieve the Foundation's objectives.
• Academic liaison strategy — Council members considered and discussed research, strategic ideas, recognition, and other objectives.
• 2018 review of the ASAF — Council members discussed the dividing views on two key questions: (1) Should ASAF be formally incorporated into the IFRS Foundation’s Constitution? and (2) Should consultation with ASAF be a mandatory due process step in the Due Process Handbook?
• Progress on the Foundation’s Emerging Economies engagement — Council members received an update and encouraged the Foundation to continue to expand their engagement in emerging economies.
• Board’s proposed social media strategy — Council members encouraged a "push only" media strategy rather than a (more extensive) two-way social media debate.

The full meeting summary and podcast related to the council’s February meeting are available on the Board's website.

Among the new appointments to the AcSOC is Shelley Brown, FCPA, FCA, ICD.D, Deloitte LLP. She has been appointed as a member for three-year terms ending on March 31, 2021.

Also, Jean-Luc Ostiguy, CPA, CA, Retired Partner, Deloitte LLP, has been appointed to the PSAB as a member for three-year terms ending on March 31, 2021.

Review the complete list on the AcSOC's website.

The vast majority of companies acknowledge that climate change poses financial risks for their business with 83% of companies recognizing the physical risks, and 88% identifying policy changes/new regulations as the main risks of transitioning to a low-carbon economy.

But when it comes to turning awareness into action, there is still a disconnect in many sectors and countries. For instance, more than 8 in 10 companies oversee climate change at the board level, but only 1 in 10 provides incentives for the management of climate change issues.

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

The 2018 taxonomy reflects accounting standards issued during the past year as well as other corrections and improvements to the 2017 taxonomy.

Review the press release on the FASB’s Web site.

The IFRS Taxonomy 2018 is consistent with IFRS Standards as issued by the International Accounting Standards Board (the Board) at January 1, 2018 and incorporates amendments made to the IFRS Taxonomy 2017 such as:

1. Applying IFRS 9 Financial Instruments with IFRS 4, Insurance Contracts (Amendments to IFRS 4), issued in September 2016,
2. IFRS 17, Insurance Contracts, issued in May 2017, and
3. Prepayment Features with Negative Compensation (Amendments to IFRS 9), issued in October 2017.

The IFRS Foundation has also published the IFRS Taxonomy Update — Annual Improvements and the IFRS Taxonomy Update — Prepayments Features with Negative Compensation (Amendments to IFRS 9). The IFRS Taxonomy 2018 incorporates the changes resulting from these two updates.

Review the press release and the IFRS Taxonomy 2018 page on the Board's website.

The issue now features:

• Spotlight — Timing and amount of revenue recognition (IFRS 15)
• In Profile — Interview with Zhenyi Tang, CMAC member
• Project updates
• Information on investor materials and current events

Review the updated Investor Update newsletter on the Board’s website.

This commitment followed the release of the results of the Government’s fall 2017 public consultation process, which revealed strong public support for the introduction of DPAs in Canada.

The availability of DPAs to address alleged corporate wrongdoing is potentially an extremely important development for the Canadian enforcement regime. Pursuing serious corporate wrongdoing typically requires the deployment of a very significant amount of resources; indeed, white collar investigations often require gathering and reviewing vast amounts of electronic and paper records, analyzing complex financial data, and to the extent the wrongdoings are international in scope, co-ordination with foreign law enforcement agencies (often against a politically charged back-drop).

The limits of law enforcement budgets in Canada are well-documented, and from a practical perspective, the availability of DPAs is likely to help ameliorate some of the strain on law enforcement resources by providing a means resolve corporate prosecutions without having to bear the enormous demands associated with pursing every case to trial (or else abandoning them entirely).

Review the full bulletin on Dentons' website.

Meeting ac­tiv­i­ties included the following:

• Executive session — The Trustees discussed a number of important strategic issues:
  • Trustee Corporate Governance Issues — The Trustees discussed issues related to governance and procedures.
  • Report of the Directors — The Trustees received a report which discussed highlights of the IFRS Foundation in the past three months.
  • Asia-Oceania Office Plan — The Trustees approved the Asia-Oceania’s 2018 work plan.
  • Analysis of Organisation expenditure — The Trustees received a report on total expenditure for 2017.
  • Trustee Meeting Locations — The Trustees agreed that Brussels will host the first meeting in 2019.
  • Committee reports — The Trustees discussed reports from the Audit and Finance Committee, the Education and Content Services Committee, the Human Capital Committee, the Nom­i­nat­ing Committee, and the DPOC.
    
    The DPOC session included an update on the International Accounting Standards Board's (the Board) technical activities as well as its due process actions. The DPOC also announced Ann Tarca will become Vice-Chair of the IFRS Taxonomy Consultative group. In addition, the DPOC approved a staff paper which outline the scope and timetable for the review of the Due Process Handbook.

• IASB^® Chairman’s report — The Chair of the IASB provided the Trustees with an update on the Board’s technical ac­tiv­i­ties, support for the implementation of IFRS 17, and the conceptual framework project.
• Meetings in Hong Kong — The Trustees received a presentation by the Advisory Council chair. In addition, the Trustees met with the Asian-Oceanian Standard-Setters Group and had a stakeholders event.

The full report on the IFRS Foun­da­tion trustees’ and DPOC meeting is available on the Board’s website.