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IASB issues work plan update

  • IASB (International Accounting Standards Board) (blue) Image

26 Mar 2015

Following its March meeting, the IASB has published a new work plan. We summarise the changes for you, which also included changes the IASB made to the 24 February work plan after it was published. Most notable changes are delays in the Conceptual Framework project and in the Principles of disclosure project as well as a new project on Clarifications to IFRS 15.

Current status

The revised time table for the major projects is now as follows:

Project Current status Next project step Expected timing

Conceptual Framework — Comprehensive IASB project

Redeliberations

Exposure draft

Q2 2015*

Financial instruments — Macro hedge accounting

Comment letter analysis

Redeliberations

Q2 2015*

Insurance contracts

Re-exposure

Redeliberations

Q2 2015*

Leases

Re-exposure

Target IFRS

H2 2015

Disclosure initiative — Principles of disclosure

Board discussion

Target Discussion Paper

Q4 2015*

Disclosure initiative — Reconciliation of liabilities from financing activities

Exposure draft

Public consultation

Q2 2015*

IFRS for SMEs — Comprehensive review

Redeliberations

Target IFRS

Q2 2015

Rate-regulated activities

Discussion paper

Board discussion

Q2 2015*

* Indicates a change since the previous work plan update on 26 February 2015. The changes were introduced by the IASB as silent updates to the February work plan or as regular updates after the March meeting.

Minor updates regarding the implementation projects (deliberations continuing or moved slightly) affect IAS 1 — Classification of liabilities, IFRS 13 — Unit of account, and IAS 12 — Recognition of deferred tax assets for unrealised losses. In addition, a new project Clarifications to IFRS 15: Issues emerging from TRG discussions has been added to the IASB's work plan.

As regards research projects, board discussions on Disclosure initiative — Disclosure review will extend into the second quarter of 2015 now. Also, new projects have tentatively been introduced on the definition of a business and goodwill.

The revised IASB work plan (dated 24 March 2015) is available on the IASB's website. We have updated our project pages to reflect the updated work plan and other known developments.

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