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


The following projects were updated in the last three months:

Title Description Last step Date Added
2020 Agenda Consultation [Research] 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 Sep 30, 2019
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. Exposure draft Sep 30, 2019
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. Deliberations Sep 30, 2019
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. Exposure draft Sep 30, 2019
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. Exposure draft Jul 31, 2019
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. Research Sep 30, 2019
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. Research Sep 30, 2019
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 Sep 30, 2019
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 Sep 30, 2019
IBOR Reform and the Effects on Financial Reporting – Phase II [Research] 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). Research Sep 30, 2019
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. Completed Sep 30, 2019
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 Sep 30, 2019
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. Exposure draft Sep 30, 2019
Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 [Research] 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. Research Sep 30, 2019
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. Exposure draft Jul 31, 2019
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. Redeliberations Sep 30, 2019

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