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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 Nov 30, 2019
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. Exposure draft Dec 31, 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 Dec 31, 2019
Annual Improvements to IFRSs 2018-2020 Cycle [ED] This project tracks developments in the annual improvements process for the 2018-2020 cycle. Research Dec 31, 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 Dec 31, 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 Nov 30, 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 Nov 30, 2019
Disclosure initiative — Accounting Policies [ED] The objective of this project is to develop guidance and examples to help entities apply materiality judgements to accounting policy disclosure. Exposure draft Dec 31, 2019
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. Research Nov 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 Dec 31, 2019
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. Research Dec 31, 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 Dec 31, 2019
IFRS Taxonomy Update—Interest Rate Benchmark Reform Part I (Amendments to IFRS 9, IAS 39 and IFRS 7) [ED] The IASB plans to make changes to the IFRS Taxonomy to reflect the disclosure requirements introduced by Interest Rate Benchmark Reform Part I Exposure draft Oct 31, 2019
Lack of Exchangeability (Possible Amendments to IAS 21) [Research] 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 Research Nov 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 Nov 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 Dec 31, 2019
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 Nov 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 Dec 31, 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 Oct 31, 2019
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. Research Oct 31, 2019

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