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Third work plan update for October

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

30 Oct 2015

The IASB has updated its work plan yet again. The update of note is an Exposure Draft on the definition of a business that is expected "within three months".

Following the post-implementation review of IFRS 3, several projects related to IFRS 3 were added to IASB’s research agenda. At their joint meeting in September, the IASB and FASB discussed their respective projects related to their Business Combinations Standards, and how the boards could work together on these projects. At its October meeting, the IASB decided to follow a staff recommendation to propose changes to IFRS 3 that are the same as the amendments proposed by the FASB, and to issue an Exposure Draft rather than a Discussion Paper.

Consequently, the new version of the work plan shows the definition of a business project no longer as a research project but as an implementation project with an Exposure Draft expected in the next three months.

One small additional update regards yet again the practice statement on materiality. Although ED/2015/8 IFRS Practice Statement - Application of Materiality to Financial Statements was published on 28 October, the work plan published later that day still had it as "upcoming". This has now been rectified.

For a full analysis any other changes please see our news item dated 27 October. The newly revised IASB work plan is available on the IASB's website.

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