IASB issues work plan update

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30 Jun, 2015

Following its June meeting, the IASB has updated its work plan. The revised plan announces the expected issuance of an exposure draft (ED) on eliminations of gains arising from 'downstream' transactions in the third quarter of 2015, moves the target ED date for clarifications arising from the post-implementation review of IFRS 8 up one quarter, and extends redeliberations for several projects to the third quarter of 2015.

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 Redeliberations* Q1 2016*
Financial instruments — Macro hedge accounting Comment letter analysis Redeliberations Q3 2015*
Insurance contracts Revised exposure draft Redeliberations Q3 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 Target ED Q4 2015
Disclosure initiative — Materiality Board discussion Draft Practice Statement Q3 2015
Rate-regulated activities Discussion paper Board discussion Q3 2015*

* Indicates a change since the previous work plan update on 27 May 2015.

Updates regarding the implementation and research projects include:

  • Clarifications arising from the post-implementation review of IFRS 8 will see an ED in the third quarter of 2015 (pulled forward);
  • IAS 28 — Eliminations of gains arising from 'downstream' transaction will see an ED in the third quarter (moved back));
  • Two research projects have moved from the assessment phase to the development phase:
    • Business combinations under common control;
    • Equity method of accounting.
  • Two research projects have been added to the development phase as a result of the post-implementation review of IFRS 3:
    • Definition of a business;
    • Goodwill.
  • The research project on performance reporting is now called primary financial statements.

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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