Update (Agenda Paper 8)

Background

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

Completed Projects

In December 2023, the staff published a project summary for the project on extractive activities.

New Projects

Since December 2023, the IASB has made active a maintenance project on use of a hyperinflationary presentation currency by a non-hyperinflationary entity (IAS 21).

Consultation documents expected in approximately the next six months

• Exposure draft: Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard (May 2024)
• Exposure draft: Power Purchase Agreements (May 2024)
• Exposure draft: Use of a Hyperinflationary Presentation Currency by a Non-hyperinflationary Entity (August 2024)
• Updating IFRS 19 (August 2024)

Expected project completions

The staff expects that the IASB will issue:

• IFRS 18 Presentation and Disclosure in Financial Statements (April 2024)
• Project summary on the business combinations under common control project (April 2024)
• IFRS 19 Subsidiaries without Public Accountability: Disclosures (May 2024)
• Amendments to the classification and measurement requirements in IFRS 9 (May 2024)
• Annual improvements (Q3 2024)
• Feedback statement on the post-implementation review (PIR) of IFRS 9—impairment (Q3 2024)
• Feedback statement on the PIR of IFRS 15 (Q3 2024)

IASB discussion

One IASB member asked whether there was anything the IASB needed to do about the international tax reform—pillar two model rules (amendments to IAS 12) project. The staff confirmed that at the moment there was no requirement for the IASB to action anything.

Another IASB member noted that interest in pollutant pricing mechanism was increasing and asked whether the staff had heard anything from stakeholders. The staff responded that they are collection feedback from different regions to understand the issues around that topic.

No decisions were made.