Project |
Summary |
Accounting Policies and Accounting Estimates (Potential Amendments to IAS 8) [Completed] |
The purpose of this project was 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) [Completed] |
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. |
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 17, Insurance Contracts [Completed] |
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. |
Amendments to the Conceptual Framework for Financial Reporting [Completed] |
Amendments to the Conceptual Framework for Financial Reporting
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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. |
Annual Improvements to IFRSs 2018-2020 Cycle [Completed] |
This project tracks developments in the annual improvements process for the 2018-2020 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. |
Classification of Liabilities as Current or Non-current (Amendments to IAS 1) [Completed] |
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) [Completed] |
The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences.
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.
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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 — 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 — 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 — Accounting Policies [Completed] |
The objective of this project was to develop guidance and examples to help entities apply materiality judgements to accounting policy disclosure. |
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. |
Disclosure initiative — Targeted Standards-level Review of Disclosures [Completed] |
The purpose of this project is to perform a targeted Standards-level review of disclosure requirements. |
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. |
Due Process Handbook Review [Completed] |
The Due Process Oversight Committee decided to undertake a further review to ensure its Handbook continues to be fit for purpose. |
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. |
IASB’s Third Agenda Consultation [Completed] |
The IASB is required to undertake a public consultation on its work plan every five years. The primary objective of the agenda consultation is to seek formal public input on the strategic direction and balance of the Board’s work plan. |
IBOR Reform and the Effects on Financial Reporting – Phase II [Completed] |
The objective of this project is to assess the potential financial reporting implications when an existing interest rate benchmark is replaced with an alternative interest rate (replacement issues). |
IBOR Reform and the Effects on Financial Reporting – Phase I [Completed] |
The objective of this project is to discuss the interbank offered rate (IBOR) reform and its effects on financial reporting.
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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 16 and Covid 19 [Completed] |
This project provides practical relief to lessees in accounting for rent concessions arising as a result of the Covid 19 pandemic |
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 Accounting Taxonomy 2022, Proposed Update 2—Amendments to IFRS 16 and IAS 1 [Completed] |
The Proposed IFRS Taxonomy Update includes changes to the IFRS Accounting Taxonomy elements to reflect the new and amended disclosure requirements introduced by these amendments |
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 Proposed Update, Disclosure of Accounting Policies and Definition of Accounting Estimates [Completed] |
The proposed taxonomy update includes changes to the IFRS Taxonomy elements to reflect new and amended disclosure requirements. |
IFRS Taxonomy Update (Amendments to IFRS 17, IFRS 4 and IAS 16) [Completed] |
The Update reflects the amendments to the new and old insurance contracts Standards, IFRS 17 and IFRS 4, issued in June 2020—Amendments to IFRS 17 and Extension of the Temporary Exemption from Applying IFRS 9; and IAS 16, issued in May 2020—Property, Plant and Equipment—Proceeds before Intended Use. |
IFRS Taxonomy Update (General Improvements and Common Practice — IAS 19, Employee Benefits) [Completed] |
The update includes elements to reflect common reporting practice and new and amended labels to clarify the accounting meaning and intended use of some existing elements. |
IFRS Taxonomy Update (General Improvements and Common Practice — Presentation of Information in Primary Financial Statements [Completed] |
The update includes elements to reflect common reporting practice and new and amended labels to clarify the accounting meaning and intended use of some existing elements. |
IFRS Taxonomy Update (Interest Rate Benchmark Reform – Phase 2) [Completed] |
The update reflects the Interest Rate Benchmark Reform—Phase 2, issued in August 2020, which amends IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 |
IFRS Taxonomy Update — Common Practice (IFRS 13, Fair Value Measurement) [Completed] |
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 for Covid-19-Related Rent Concessions (Amendments to IFRS 16) [Completed] |
This project incorporates the IFRS Taxonomy elements for these amendments to IFRS 16 |
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, 2021 Technology Update [Completed] |
The proposed changes aim to reflect developments in the technology that underlies or relates to the IFRS Taxonomy. |
IFRS Taxonomy Update—2018 General Improvements [Completed] |
The IFRS Taxonomy team is currently reviewing a number of improvements to the IFRS Taxonomy 2018 to support consistent tagging. |
IFRS Taxonomy Update—Interest Rate Benchmark Reform Part I (Amendments to IFRS 9, IAS 39 and IFRS 7) [Completed] |
The IASB plans to make changes to the IFRS Taxonomy to reflect the disclosure requirements introduced by Interest Rate Benchmark Reform Part I |
IFRS Taxonomy Update: Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17) [Completed] |
The proposed changes reflect those made by the amendments to IFRS 17 on Initial Application of IFRS 17 and IFRS 9—Comparative Information |
IFRS Taxonomy, Proposed Update 1, General Improvements and Common Practice [Completed] |
The proposed changes aim to improve the quality of tagged data and to make the IFRS Accounting Taxonomy easier to use |
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. |
Initial Application of IFRS 17 and IFRS 9―Comparative Information (Amendments to IFRS 17) [Completed] |
Narrow-scope amendment to the transition requirements of IFRS 17, Insurance Contracts. |
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. |
International Tax Reform—Pillar Two Model Rules: Potential amendments to IAS 12, Income Taxes [Completed] |
The proposed amendments introduce a temporary exception from accounting for deferred taxes arising from the implementation of the OECD’s Pillar Two model rules, as well as targeted disclosures for affected entities |
Lease Liability in a Sale and Leaseback [Completed] |
The objective of this project amends IFRS 16 to specify how the seller-lessee applies the subsequent measurement requirements in IFRS 16 to the lease liability that arises in a sale and leaseback transaction. |
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. |
Narrow-scope amendments to IAS 19 and IFRIC 14 — Remeasurement on a plan amendment, curtailment or settlement / Availability of a refund of a surplus from a defined benefit plan [Completed] |
Narrow-focus amendments to IAS 19, "Employee Benefits", and IFRIC 14, "The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction" |
Non-current Liabilities with Covenants (Amendments to IAS 1) [Completed] |
The amendments improved the information an entity provides when its right to defer settlement of a liability for at least twelve months is subject to compliance with covenants. The amendments also responded to stakeholders’ concerns about the classification of such a liability as current or non-current. |
Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37) [Completed] |
This project clarifies the meaning of the term "unavoidable costs" in the IAS 37 definition of an onerous contract. |
Pension Benefits that Depend on Asset Returns (Possible amendments to IAS 19) [Completed] |
The objective of this project is to develop proposals for targeted amendments to the requirements for defined benefit plans in IAS 19, Employee Benefits. |
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. |
Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 [Completed] |
The IASB conducts a Post-implementation Review (PIR) of each new IFRS Standard or major amendment. A PIR is a mandatory step in the due process for new IFRS Standards or major amendments to IFRS Standards. |
Post-implementation Review of IFRS 9 – Classification and Measurement [Completed] |
The IASB conducts a Post-implementation Review (PIR) of each new IFRS Standard or major amendment. A PIR is a mandatory step in the due process for new IFRS Standards or major amendments to IFRS Standards. |
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. |
Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) [Completed] |
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. |
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. |
Supplier Finance Arrangements (Proposed amendments to IAS 7 and IFRS 7) [Completed] |
At its meeting on June 23. 2021, the Board decided to add a narrow-scope standard-setting project to its work plan on supplier finance arrangements. |
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. |
Updating a Reference to the Conceptual Framework (Amendments to IFRS 3) [Completed] |
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. |