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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
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 Apr 30, 2020
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 Apr 30, 2020
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. Exposure draft Apr 30, 2020
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 Apr 30, 2020
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 Apr 30, 2020
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 Apr 30, 2020
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, 2020
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 Apr 30, 2020
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, 2020
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 20, 2020
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, 2020
IBOR Reform and the Effects on Financial Reporting – Phase II [ED] 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). Exposure draft Apr 30, 2020
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 Exposure draft Mar 31, 2020
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 Apr 20, 2020
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" Exposure draft Feb 28, 2020
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 Apr 30, 2020
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 Mar 31, 2020

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