IASB issues work plan update, changes presentation

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05 Aug, 2015

Following its July meeting, the IASB has updated its work plan. It has also changed the presentation so that a direct comparison with the status as at 30 June is not easily possible as the attribution to quarters has been abandoned. However, some changes are obvious.

The following changes can be traced directly: (1) The new IFRS on insurance contracts is not expected until 2016; (2) an exposure draft on changes in accounting policies and estimates (disclosure initiative) will also be delayed to 2016; (3) also, discussion papers on macro hedging and on rate-regulated activities are not to be expected before 2016; (4) the IASB expects to issue final amendments on the implementation projects on the unit of account (expected not before 2016) and on the recognition of deferred tax assets for unrealised losses (late 2015 or early 2016); and (5) instead of finalising the project on the elimination of gains or losses arising from transactions between an entity and its associate or joint venture the IASB intends to issue an exposure draft proposing to defer the effective date of the September 2014 amendments to IAS 28, IFRS 10 and IFRS 12.

Current status

The revised timetable for the major projects is now as follows (please note that the IASB has changed its presentation format and is no longer referrring to quarters so tracing changes has become more difficult):

Project Current status Next project step Expected timing
Conceptual Framework — Comprehensive IASB projec Exposure draft Decide project direction Q1 2016 at the earliest
Financial instruments — Macro hedge accounting Comment letter analysis Target discussion paper Q1 2016 at the earliest*
Insurance contracts Revised exposure draft Target IFRS Q1 2016 at the earliest*
Leases Revised exposure draft Target IFRS Q4 2015 or Q1 2016*
Disclosure initiative — Principles of disclosure Board discussion Target discussion paper Q4 2015 or Q1 2016*
Disclosure initiative — Changes in accounting policies and estimates Board discussion Target ED Q1 2016 at the earliest*
Disclosure initiative — Materiality Board discussion Draft Practice Statement Q3 or Q4 2015*
Rate-regulated activities Discussion paper Target discussion paper Q1 2016 at the earliest*

* Indicates a change since the previous work plan update on 30 June 2015 as far as can be told from the IASB's new approach, which now speaks of "within three months", "within six months" and "later".

Updates regarding the implementation and research projects include:

The revised IASB work plan is available on the IASB's Web site. The IASB has also published a work plan guide that explains the new presentation format. We have updated our project pages to reflect the updated work plan and other known developments.

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