Work Plan

Date recorded:

Update (Agenda Paper 8)

This paper provided an update on the IASB’s work plan since its last update in September 2022. The purpose of this paper was to provide a holistic view of the IASB’s technical projects to support decisions about whether to add or remove projects, as may be discussed in individual project papers and assessment of overall progress on the work plan, including project prioritisation and timing. This paper did not ask the IASB to make any decisions.

Completed Projects

In September 2022, the IASB issued Lease Liability in a Sale and Leaseback, which amends IFRS 16. In October 2022, the IASB issued Non-current Liabilities with Covenants, which amends IAS 1.

New Projects

Since the last update, the IASB has decided to include in its project on narrow-scope amendments to the classification and measurement requirements in IFRS 9 proposed amendments related to the accounting for electronic cash transfers and proposed targeted disclosure requirements to IFRS 7 about equity investments to which an entity applies the presentation option to present fair value changes in other comprehensive income. The IASB also decided to add a narrow-scope project to its work plan to provide a temporary exception to the application of IAS 12 and targeted disclosure requirements for international tax reform related to OECD Pillar Two Model Rules. This project is being undertaken on an accelerated timeframe. The exposure draft is expected in January 2023, with a 60-day comment period.

Expected project completions

The staff expects that the IASB will conclude its post-implementation review (PIR) of the classification and measurement requirements in IFRS 9 with the publication of its Feedback Statement in December 2022. The staff also expects that the IASB will conclude its Disclosure Initiative—Targeted-Standards Level Review of Disclosures with the publication of its Project Summary in Q1 2023.

In addition, the staff expects that the IASB will issue final amendments for the following maintenance projects in Q2 2022:

  • International Tax Reform—Pillar Two Model Rules
  • Supplier Finance Arrangements

Joint project with the ISSB

In December 2022, the ISSB decided to include in the request for information on the ISSB’s agenda priorities a proposal for a joint project with the IASB on connectivity in reporting that would build on the work in the Management Commentary project and the Integrated Reporting Framework with the goal of enabling entities to report connected discussion and analysis of its financial statements and sustainability-related financial disclosures.

IASB discussion

One IASB member touched on the joint project with the ISSB and clarified that this would be dependant on the outcome of the ISSB’s agenda consultation. The staff confirmed that, and the Chair said that he would hope the outcome of the ISSB’s agenda consultation is consistent with that of the IASB’s agenda consultation. An IASB member replied that it could be different as, while there is a significant overlap, the group of ISSB stakeholders is different.

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