Work plan update

Date recorded:

Update (Agenda Paper 8)


The paper provided an update on the Board’s work plan since its last update in October 2020. In the meantime, the Board has started its work on the post-implementation review (PIR) of the classification and measurement requirements of IFRS 9 and has moved the Financial Instruments with Characteristics of Equity project to the standard-setting programme.

The Board will be asked at a future meeting to add a narrow-scope project on disclosure requirements in relation to supply chain financing arrangements.

The Board expects the following final amendments for the following projects in the next six months:

  • Disclosure Initiative—Accounting Policies (February 2021)
  • Accounting Policies and Accounting Estimates (February 2021)
  • Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Q2 2021)

The following documents are expected to be published for consultation within the next six months:

  • Exposure Draft (ED) on Rate-Regulated Activities (January 2021)
  • ED on the Disclosure Initiative—Targeted Standards-level Review of Disclosures (March 2021)
  • ED on Lack for Exchangeability (March 2021)
  • Request for Information (RFI) on the Agenda Consultation (March 2021)
  • ED on Management Commentary (April 2021)
  • RFI on the classification and measurement requirements in IFRS 9 (Q3 2021)

The Board will not start any remaining research pipeline projects or the PIR of IFRS 5. Rather, as decided at the Board’s October 2020 meeting, the Board will obtain updated information about those projects as part of the 2020 Agenda Consultation to help reassess their relative priority.

No decisions are asked of the Board in this session.

Board discussion

The staff noted that the timetables given in the Board are subject to change because of the ongoing COVID situation. They also heard from constituents that given the prolonged nature of the pandemic, rent concessions are being granted for longer periods than initially expected by the Board when it finalised the amendment to IFRS 16 with regard to COVID-related rent concessions. The Board will hold an extraordinary meeting early in February to determine whether a project needs to be added to update the condition in the amendment that any reduction in lease payments affects only payments originally due on or before 30 June 2021.

No comments were made by Board members and no decision was taken.

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