Below is an analysis of all changes made to the work plan since the last update in December 2016.

Research projects

• Disclosure initiative: Principles of Disclosure — the long awaited discussion paper is now expected in April

Standard-setting and related projects

• Disclosure initiative: Materiality (practice statement) — the expected publication of the practice statement has moved forward and is now given as "within 6 months"
• Insurance contracts — the expected issuance of the IFRS has been delayed to May since the fatal flaw review revealed some small issues that the staff wants to lay before the Board before finalising the draft

Nar­row-scope amend­ments

• Improvements to IFRS 8 resulting from the post-implementation review of IFRS 8 — the expected publication of an exposure draft is now expected in April
• Symmetric prepayment options — following yesterday's decision to take a related project onto the agenda, the IASB now announces that it expects to publish an exposure draft on the issue in April
• Annual improvements to IFRSs 2015-2017 — following the publication of an exposure draft of proposed amendments earlier this month, the project is now marked as being in consultation phase with a decision on the project direction expected "within 6 months"

IFRS Taxonomy

• In line with the delayed expected publication of the new insurance standard, the publication of a proposed related IFRS Taxonomy Update has also been pushed back to May

Post-implementation reviews

• After the IASB has decided to move forward with a post-implementation review of IFRS 13, it now announces that it expects to issue a request for information "within 6 months"

The revised IASB work plan is available on the IASB's website.

The existing membership of the group has been in place over three years, and some of the members have given up there roles or have indicated that they will need to do so in the near future. Therefore, EFRAG has decided to renew the composition of the group.

The size of the group is limited to 16 members, and the selection of members will aim to ensure a good mix of different professional backgrounds. Current members are eligible for reappointment. The application period ends on 20 February 2017.

For more information, please see the EFRAG press release.

The project will look into whether a narrow-scope exception could be made to allow instruments with symmetric prepayment options to qualify for amortised cost or fair value through other comprehensive income measurement because they would otherwise fail the SPPI condition. Please see our summary of the agenda paper and the IASB's discussion for more details.

IVS 2017 consist of five general standards and six asset standards. The general standards offer guidance for all valuation assignments including terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting. The asset standards include requirements related to specific types of assets.

More information and ordering details are available through the press release on the IVSC website.

The project “aims to tackle concerns that the voices of key groups such as employees, customers and suppliers are not being heard at the highest levels of British business”.  

The ICSA and IA will produce practical guidance as to how Boards can enhance their understanding of the interests of employees and other stakeholders in accordance with their duties under Section 172 of the Companies Act 2006.  The guidance will cover: 

• the ways in which companies can identify non-executive directors with relevant stakeholder experience
• the processes by which boards can receive the views of their key stakeholders; and
• how training and induction can be used to enhance directors’ understanding of their duties and the interests of, and impact on, different stakeholders. 

The voluntary guidance, which will be published in the second quarter of 2017, will also offer options as to how companies might demonstrate how they have fulfilled their duties in this area. 

The press release is available on the ICSA website.

The panel will provide expert advice on EFRAG’s research project looking at possible improvements to the current requirements for accounting for pension plans under International Financial Reporting Standards (IFRSs).  

The advisory panel will support EFRAG’s Technical Expert Group (EFRAG TEG) on this project and ensure that the wider European perspective is reflected in the work. 

The panel is expected to have between 10 to 12 members and is expected to meet in person quarterly.  Members should have good knowledge of the broader economics related to pensions with strong technical expertise on pension accounting matters as well as more general IFRS issues and practice. 

Full details and terms of reference are available on the EFRAG website.

The objective of the Academic Panel, which will support EFRAG’s Technical Expert Group (EFRAG TEG), is to contribute to the debate on current financial reporting and accounting topics by:

• Assisting in the definition of a clear scope for EFRAG Research projects;
• Making suggestions on the appropriate methodology;
• Providing input to EFRAG TEG discussions on the perceived issues and possible solutions (both on IASB and EFRAG Research projects).

The panel is expected to have between 10 to 15 members and is expected to meet in person twice per year.  Members should be academics specialising in accounting and (financial) reporting and notably in IFRS issues and knowledgeable in European specificities.

Full details and terms of reference are available on the EFRAG website.

The EFRAG TEG plays a central role in providing technical advice to the EFRAG Board that is responsible for all EFRAG positions with the objective of EFRAG speaking convincingly, clearly and consistently, and be recognised as the European Voice in financial reporting. EFRAG TEG provides its own professional judgment, arguments and technical analysis based on its technical expertise and on EFRAG’s due process. 

The press release is available on the EFRAG website.

The webinar is an opportunity for participants to find out more on the recommendations and share their views.  There will be a presentation by Russell Picot, Special Advisor to the TCFD, followed by a question and answer session.  

Further details as well as registration details are available on the ICAEW website.

EFRAG assesses that, in the specific circumstances arising from the misalignment of effective dates of IFRS 9 Financial Instruments and the future insurance contracts standard, the amendments meet all technical endorsement criteria of the IAS Regulation. EFRAG further assesses that the amendments address the main concerns of entities whose activities are predominantly related to insurance, who are the most significantly affected by the issues arising from the misalignment of the effective dates of IFRS 9 and the forthcoming insurance contracts standard. On that basis, EFRAG assesses that adopting the amendments would be conducive to the European public good.

Please click to access the press release, that offers access to the endorsement advice on the EFRAG website. EFRAG has also updated its endorsement status report, which can be downloaded here.