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IASB issues work plan update

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

29 May 2015

Following its May meeting, the IASB has updated its work plan. The revised plan adds a new project on 'Changes in accounting policies and estimates', moves the Exposure Draft on 'Clarifications to IFRS 15' and the Draft Interpretation on 'Uncertainties in income taxes' back by one quarter, and introduces a new format for reporting on the progress in research projects.

Current status

The revised timetable for the major projects is now as follows:

Project Current status Next project step Expected timing
Conceptual Framework — Comprehensive IASB project Exposure draft*
Financial instruments — Macro hedge accounting Comment letter analysis Redeliberations Q2 2015
Insurance contracts Revised exposure draft Redeliberations Q2 2015
Leases Revised exposure draft Target IFRS Q4 2015
Disclosure initiative — Principles of disclosure Board discussion Target discussion paper Q4 2015
Disclosure initiative — Changes in accounting policies and estimates Board discussion ED Q4 2015*
Disclosure initiative — Materiality Board discussion Draft Practice Statement Q3 2015
Rate-regulated activities Discussion paper Board discussion Q2 2015

* Indicates a change since the previous work plan update on 5 May 2015.

Updates regarding the implementation and research projects include:

  • The target Exposure Draft on clarifications to IFRS 15 is now expected in the third quarter of 2015 (was second quarter).
  • The Draft Interpretation on uncertainties in income taxes is now expected in the third quarter of 2015 (was second quarter).
  • The research projects have been reordered in the following categories:
    • Development phase
    • Assessment phase
    • Exploratory phase
    • PIR follow-up work
    • Completed work
    The PIR follow-up work contains two research projects that the IASB has identified as a consequence of the post-implementation review of IFRS 3 (Definition of a business and Goodwill); the next step in these projects has yet to be determined. Completed work contains two projects where the IASB has completed its initial assessment and has no current plans to undertake additional work (Foreign currency translation and High inflation). During reordering, the project on a standards-level review of disclosures (part of the Disclousre initiative) has gone missing from the work plan.

The revised IASB work plan is available on the IASB's Web site. We have updated our project pages to reflect the updated work plan and other known developments.

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