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IFRS projects — Updated in the last 3 months | Deloitte CFR

IFRS

The following projects were updated in the last three months:

Title Description Last step Date Added
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). Deliberations Apr 30, 2021
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. Completed Feb 28, 2021
Disclosure initiative — Primary Financial Statements [ED] The Primary Financial Statements project examines possible changes to the structure and content of the primary financial statements. Exposure draft Apr 30, 2021
Disclosure initiative — Targeted Standards-level Review of Disclosures [ED] The purpose of this project is to perform a targeted Standards-level review of disclosure requirements. Exposure draft Mar 31, 2021
Equity Method (Possible amendments to IAS 28) [Research] The IASB is undertaking research to assess whether application problems with the equity method as set out in IAS 28, Investments in Associates and Joint Ventures, can be addressed in consolidated and individual financial statements by identifying and explaining the principles of IAS 28 Research Mar 31, 2021
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. Research Apr 30, 2021
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. Discussion paper Apr 30, 2021
Goodwill and Impairment [ED] 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. Apr 30, 2021
IASB’s Third Agenda Consultation [ED] 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. Research Apr 30, 2021
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 Completed Mar 31, 2021
IFRS Foundation consultation on establishing a sustainability standards board [Completed] The objective of this project is to assess demand for global sustainability standards and what role the Foundation might play in the development of such standards. Completed Apr 30, 2021
IFRS Foundation consultation on amending its Constitution to establish an International Sustainability Standards Board (ISSB) [ED] The Trustees of the IFRS Foundation proposed amendments to the IFRS Foundation Constitution that would enable the creation of a new sustainability standards board under the governance of the Foundation. Exposure draft Apr 30, 2021
IFRS Taxonomy Proposed Update, Disclosure of Accounting Policies and Definition of Accounting Estimates [ED] The proposed taxonomy update includes changes to the IFRS Taxonomy elements to reflect new and amended disclosure requirements. Exposure draft Apr 30, 2021
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. Completed Mar 31, 2021
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. Completed Mar 31, 2021
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. Mar 31, 2021
Lack of Exchangeability (Possible Amendments to IAS 21) [ED] The objective of this project is to undertake narrow-scope standard-setting on the spot exchange rate an entity uses when exchangeability between two currencies is lacking Exposure draft Apr 30, 2021
Lease Liability in a Sale and Leaseback [ED] The objective of this project is to amend 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. Exposure draft Mar 31, 2021
Management Commentary (Wider corporate reporting) [Research] This purpose of this project is to revise and update the “Management Commentary Practice Statement” issued in 2010. Research Apr 30, 2021
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. Research Apr 30, 2021

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