Work plan

Date recorded:

Update (Agenda Paper 8)

This paper provided an update on the IASB’s work plan since its last update in March 2023.

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.

New Projects

In April 2023, the IASB added a project to its work plan to propose amendments to Section 29 Income Tax of the IFRS for SMEs Accounting Standard. The IASB plans to publish an exposure draft in June 2023.

As part of the next Annual Improvements to IFRS Accounting Standards cycle, the following maintenance projects have been added to the work plan

  • Annual Improvements to IFRS Accounting Standards—Cost Method (Amendments to IAS 7)
  • Annual Improvements to IFRS Accounting Standards—Credit Risk Disclosures (Amendments to Illustrative Examples accompanying IFRS 7)
  • Annual Improvements to IFRS Accounting Standards—Determination of a ‘De Facto Agent’ (Amendments to IFRS 10)
  • Annual Improvements to IFRS Accounting Standards—Gain or Loss on Derecognition (Amendments to IFRS 7)
  • Annual Improvements to IFRS Accounting Standards—Hedge Accounting by a First-time Adopter (Amendments to IFRS 1)
  • Annual Improvements to IFRS Accounting Standards—Transaction Price (Amendments to IFRS 9)

Once the amendments to IAS 12 for OECD Pillar Two Tax Reform are issued in May 2023, the IASB will add a project to the pipeline to determine whether to remove the temporary exception introduced by the amendments—or to make it permanent—after there is sufficient clarity about how jurisdictions implemented the tax reform and the related effects on entities.

In Q4 2023, the IASB will consider updated information about whether to start its post-implementation reviews on IFRS 16 and the hedge accounting requirements in IFRS 9

Current projects

In April 2023, the IASB decided to move the Equity Method project from the research to the standard-setting work plan. The IASB also decided to work towards publishing an exposure draft as the next due process step.

Expected project completions in the next six months

The staff expects that the IASB will issue the amendments for the following maintenance projects towards the end of May 2023:

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

The staff expects that the IASB will issue the amendments for the Lack of Exchangeability project in August 2023. The staff expects that the IASB will issue amendments to the IFRS for SMEs Accounting Standard for International Tax Reform—Pillar Two Model Rules in September 2023, subject to feedback on the exposure draft expected to be published in June.

Forthcoming consultation documents

The staff expects to publish the following consultation documents in 2023:

  • Request for Information—Post-implementation review of the impairment requirements in IFRS 9—June 2023
  • Exposure Draft—IFRS for SMEs Accounting Standard—Pillar 2—June 2023
  • Request for Information—PIR of IFRS 15—July 2023
  • Exposure Draft—Annual Improvements—October 2023
  • Exposure Draft—Financial Instruments with Characteristics of Equity—December 2023

IASB discussion

One IASB member asked whether the projects on the reserve list could be included in future work plan updates. The staff agreed that this is a good idea.

No decisions have been made.

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