The current status of IFRS projects that are active at this time is shown in the table below. Click on the project you are interested in to find out more about this project and its current status.
[ED] Exposure drafts [SOP] Statement of Principles [DP] Discussion paper
| Project | Summary |
|---|---|
| Accounting for Dynamic Risk Management: A Portfolio Revaluation Approach to Macro Hedging (Proposed amendments to IFRS 9) [ED] | The DP represents the first stage in this project, by seeking public comment on a possible approach to accounting for an entity’s dynamic risk management activities, namely the portfolio revaluation approach (PRA). |
| Accounting Policies and Accounting Estimates (Potential Amendments to IAS 8) [ED] | The purpose of this project is to clarify the distinction between a change in an accounting policy and a change in an accounting estimate, in relation to the application of IAS 8. |
| Accounting policy changes (Potential Amendments to IAS 8) [ED] | This project addresses the challenges posed by the requirements in IAS 8 for voluntary changes in accounting policies, in particular, changes in accounting policies that result from agenda decisions published by the IFRIC. |
| Amendments to IFRS 17, Insurance Contracts [ED] | The objective of this project is to address concerns and implementation challenges raised since the IFRS 17 was issued and to consider whether there is a need to amend the Standard. |
| Annual Improvements to IFRSs 2018-2020 Cycle [ED] | This project tracks developments in the annual improvements process for the 2018-2020 cycle. |
| Classification of Liabilities (Proposed Amendments to IAS 1) [ED] | The amendments aim at a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. |
| Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) [ED] | The proposed narrow-scope amendment would narrow the initial recognition exemption in paragraphs 15 and 24 of IAS 12 so that it would not apply to transactions that give rise to both taxable and deductible temporary differences, to the extent the amounts recognized for the temporary differences are the same. At its meeting on October 24, 2018, the International Accounting Standards Board discussed the IFRS Interpretations Committee’s recommendation to propose a narrow-scope amendment to IAS 12, Income Taxes. The proposed amendment relates to the recognition of deferred tax when an entity accounts for transactions, such as leases or decommissioning obligations, by recognizing both an asset and a liability. |
| Due Process Handbook Review [ED] | The Due Process Oversight Committee decided to undertake a further review to ensure its Handbook continues to be fit for purpose. |
| Financial Instruments with Characteristics of Equity (Potential Amendments to IAS 32) [DP] | This is currently a joint research project with the FASB to address issues related to the guidance in IAS 32, Financial Instruments: Presentation, which distinguishes between asset and liability instruments (non-equity instruments) and equity instruments. |
| IBOR Reform and the Effects on Financial Reporting [ED] | The objective of this project is to discuss a proposal for a research project on interbank offered rate (IBOR) reform and its effects on financial reporting. |
| IFRS Taxonomy Update — Common Practice (IFRS 13, Fair Value Measurement) [ED] | The Proposed IFRS Taxonomy Update 1/2018 includes changes to the IFRS Taxonomy 2018 reflecting common reporting practice for the disclosure requirements in IFRS 13, including: (i) sensitivity of fair value measurement to changes in unobservable inputs; and (ii) quantitative information about significant unobservable inputs used in fair value measurement. |
| IFRS Taxonomy Update—2018 General Improvements [ED] | The IFRS Taxonomy team is currently reviewing a number of improvements to the IFRS Taxonomy 2018 to support consistent tagging. |
| Narrow-scope amendments to IAS 19 and IFRIC 14 — Remeasurement on a plan amendment, curtailment or settlement [Completed] / Availability of a refund of a surplus from a defined benefit plan [ED] | Narrow-focus amendments to IAS 19, "Employee Benefits", and IFRIC 14, "The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction" |
| Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37) [ED] | This project clarifies the meaning of the term "unavoidable costs" in the IAS 37 definition of an onerous contract. |
| Property, Plant and Equipment: Proceeds before Intended Use (Proposed Amendments to IAS 16) [ED] | The purpose of this project is to clarify the accounting for the net proceeds from selling any items produced while bringing an item of property, plant and equipment (PPE) into use. |
| Reporting the Financial Effects of Rate Regulation [ED] | This is the first step in the IASB’s project to develop a comprehensive IFRS standard for entities that have rate-regulated activities. |
| Updating a Reference to the Conceptual Framework (Amendments to IFRS 3) [ED] | The objective of this project is to decide whether and, if so, how to update IFRS 3 so that the Standard instead refers to the Conceptual Framework for Financial Reporting, which the Board issued in March 2018. |
| Project | Summary |
|---|---|
| AcSB - Framework for Reporting Performance Measures [Completed] | The purpose of the Draft Framework for Reporting Performance Measures is to enhance the relevance of financial information for all entities. |
| Amendments to IFRS 4: Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts [Completed] | This project addresses concerns about issues arising from implementing IFRS 9, Financial Instruments, before the new insurance contracts Standard comes into effect. |
| Amendments to the Conceptual Framework for Financial Reporting [Completed] | Amendments to the Conceptual Framework for Financial Reporting |
| Annual Improvements to IFRSs 2014-2016 Cycle [Completed] | The Annual Improvements to IFRSs 2014–2016 Cycle includes amendments to IFRS 1, IFRS 12 and IAS 28. |
| Annual Improvements to IFRSs 2015-2017 Cycle [Completed] | The Annual Improvements to IFRSs 2015–2017 Cycle includes issues related to IAS 12 and IAS 23. |
| Annual Improvements to IFRSs 2009-2011 Cycle [Completed] | Amendments to 5 standards, namely IFRS 1, IAS 1, IAS 16, IAS 32 and IAS 34 |
| Annual Improvements to IFRSs 2010-2012 Cycle [Completed] | The standard is a collection of amendments to IFRSs in response to eight issues addressed during the 2010–2012 cycle for annual improvements to IFRSs. |
| Annual Improvements to IFRSs 2011-2013 Cycle [Completed] | The standard is a collection of amendments to IFRSs in response to four issues addressed during the 2011–2013 cycle. |
| Annual Improvements to IFRSs 2012- 2014 Cycle [Completed] | The standard is a collection of amendments to IFRSs in response to five issues addressed during the 2012–2014 cycle. |
| Clarification of Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2) [Completed] | The project brings together a collection of three amendments to IFRS 2. |
| Clarifications to IFRS 15, Revenue from Contracts with Customers: Issues Emerging from TRG discussions [Completed] | The objective of this project is to clarify the guidance in IFRS 15 in respect of issues arising from the discussions of the Transition Resource Group for Revenue Recognition (TRG). |
| Definition of a Business (Amendments to IFRS 3) [Completed] | The Post-Implementation Review of IFRS 3, Business Combinations (the PIR of IFRS 3) in 2014 concluded that the definition of a business is one of the top four concerns with IFRS 3. |
| Disclosure initiative — Principles of disclosure [Completed] | This project on financial statement presentation is focused on broader challenges associated with disclosure effectiveness, which ultimately may lead to a replacement for IAS 1, IAS 7, and IAS 8, in essence developing a disclosure framework for IFRS. |
| Disclosure Initiative — Definition of Material (Amendments to IAS 1 and IAS 8) [Completed] | The objective of this project is to refine the definition of materiality and clarify its characteristics. |
| Disclosure initiative — Materiality [Completed] | This project seeks to help preparers, auditors and regulators use judgement when applying the concept of materiality in order to make financial reports more meaningful. |
| Discount Rates [Completed] | The objective of this project was to investigate reasons for inconsistencies between requirements relating to discount rates in IFRS Standards and assess whether the Board should consider addressing those inconsistencies. |
| Effective Date of IFRS 15 - One-year deferral [Completed] | The IASB unanimously affirmed its proposal to defer the effective date of IFRS 15 Revenue From Contracts With Customers to January 1, 2018. |
| IFRIC 23: Accounting for Uncertainties in Income Taxes (IAS 12) [Completed] | The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. |
| IFRIC Interpretation of IAS 21 The Effects of Changes in Foreign Exchange Rates: Foreign currency transactions and advance consideration [Completed] | The IFRS Interpretations Committee received a submission asking how to determine which exchange rate to use when reporting revenue transactions denominated in a foreign currency in accordance with IAS 21, "The Effects of Changes in Foreign Exchange Rates." |
| IFRS 9, Financial Instruments (2014) [Completed] | IFRS 9, as amended, introduces a logical approach for the classification of financial assets, which is driven by cash flow characteristics and the business model in which an asset is held and a new, expected-loss impairment model that will require more timely recognition of expected credit losses. |
| IFRS 15, Revenue from Contracts with Customers [Completed] | Under IFRS 15, an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A one-year deferral is being proposed |
| IFRS 16, Leases [Completed] | This new approach to lease accounting would require a lessee to recognize assets and liabilities for the rights and obligations created by leases. |
| IFRS 17, Insurance Contracts [Completed] | The new standard requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. |
| IFRS Taxonomy 2017 [Completed] | The IFRS Taxonomy 2017 incorporates the IFRS Taxonomy Update 1 and IFRS Taxonomy 2 published since the annual IFRS Taxonomy 2016. |
| IFRS Taxonomy Update for IFRS 17, Insurance Contracts [Completed] | Updates to the IFRS Taxonomy contain additional taxonomy concepts that reflect new Standards and amendments to Standards issued by the Board. |
| IFRS® Taxonomy Update - Update for Annual Improvements to the IFRS Taxonomy 2017 [Completed] | Annual Improvements are changes to the IFRS Taxonomy other than those resulting from changes to IFRS Standards and analysis of common reporting practice. |
| IFRS® Taxonomy Update-Prepayment Features with Negative Compensation (Amendments to IFRS 9) [Completed] | The IFRS Foundation published “Proposed Update to the IFRS Taxonomy” for the project Prepayment Features with Negative Compensation (Amendments to IFRS 9). |
| Improvements to IFRS 8, Operating Segments [Completed] | As part of the post-implementation review, the International Accounting Standards Board identified a number of issues that could be considered for improvement and that warrant further investigation. |
| Integrated Reporting Framework [Completed] | The primary purpose of an integrated report is to explain to providers of financial capital how an organization creates value over time. |
| Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) [Completed] | This project discussed whether the measurement, in particular relating to impairment, of long term interests in associates and joint ventures that, in substance, form part of the ‘net investment’ in the associate or joint venture should be governed by IFRS 9, IAS 28 or a combination of both. |
| Post-implementation review — IFRS 3 | This review was seeking feedback on whether the Standard provides information that is useful to users of financial statements, whether there are areas of the Standard that represent implementation challenges and whether unexpected costs have arisen when preparing, auditing or enforcing the requirements of the Standard. |
| Post-implementation review of IFRS 13 Fair Value Measurement [Completed] | The objective of the post-implementation review is to assess the effect of the new requirements of IFRS 13, Fair Value Measurement, on investors, preparers and auditors. |
| Prepayment Features with Negative Compensation (Amendments to IFRS 9) [Completed] | The objective of the project is to examine whether amortized cost measurement would provide relevant and useful information for instruments that contain symmetric prepayment options and otherwise have contractual cash flows that are solely payments of principal and interest (SPPI). |
| Previously Held Interests in a Joint Operation (Amendments to IFRS 3 and IFRS 11) [Completed] | The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. |
| Share-based Payment—Sources of Accounting Complexity [Completed] | The objective of this project is to identify the most common areas of complexity of IFRS 2, Share-based Payment and their main causes. To achieve this, the project identifies and explores the main application issues that arise in practice. |
| Transfer of Investment Property (Amendments to IAS 40) [Completed] | This project addresses the question of whether an investment property under construction should be transferred from inventory to investment property when there is an evident change in use. |
| Project | Summary |
|---|---|
| Business Combinations under Common Control (Potential Amendments to IFRS 3) [Research] | The essence of the project is to identify whether and when an entity should continue to use the previous carrying amounts of a transferred business (carry-over accounting) and whether and when it should apply business combination accounting. |
| Disclosure initiative — Primary Financial Statements [Research] | The Primary Financial Statements project is an early stage research examining possible changes to the structure and content of the primary financial statements. |
| Disclosure initiative — Targeted Standards-level Review of Disclosures [Research] | The purpose of this project is to perform a targeted Standards-level review of disclosure requirements. |
| Disclosure initiative — Accounting Policies [Research] | The objective of this project is to develop guidance and examples to help entities apply materiality judgements to accounting policy disclosure. |
| Extractive Industries (Possible replacement of IFRS 6, Exploration for and Evaluation of Mineral Resources) [Research] | The IASB is gathering evidence to help decide whether to start a project to develop proposals to replace IFRS 6, Exploration for and Evaluation of Mineral Resources. |
| Goodwill and Impairment [Research] | The objective of this project is to consider how to address the three areas of focus identified in the Post-implementation Review of IFRS 3, Business Combinations. |
| Management Commentary (Wider corporate reporting) [Research] | This purpose of this project is to revise and update the “Management Commentary Practice Statement” issued in 2010. |
| Pension Benefits that Depend on Asset Returns (Possible amendments to IAS 19) [Research] | The objective of this project is to develop proposals for targeted amendments to the requirements for defined benefit plans in IAS 19, Employee Benefits. |
| Pollutant Pricing Mechanisms (formerly Emissions Trading Schemes) [Research] | The objective of the project is to develop comprehensive guidance on the accounting for emissions trading schemes. |
| Provisions (Possible Amendments to IAS 37) [Research] | The IASB is updating its IAS 37 research to decide whether to start a project to develop proposals to amend aspects of IAS 37 and, if so, which aspects of IAS 37 to amend. |