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2019

Updated IASB work plan — Analysis

12 Apr 2019

Following the IASB's April 2019 meeting, we have analysed the IASB work plan to see what changes have resulted from the meeting and other developments since the work plan was last revised in March. Eight exposure drafts are expected to be published in June 2019.

Below is an analysis of all changes that were made to the work plan since our last analysis on 21 March 2019.

Standard-setting projects

  • No changes.

Maintenance projects

  • The following exposure drafts are now expected in June 2019 (formerly Q2 2019):
    • Amendments to IFRS 17 Insurance Contracts
    • Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12)
    • Fees in the ‘10 per cent’ Test for Derecognition (Amendments to IFRS 9)
    • Lease Incentives (Amendment to Illustrative Example 13 accompanying IFRS 16)
    • Subsidiary as a First-time Adopter (Amendments to IFRS 1)
    • Taxation in Fair Value Measurements (Amendments to IAS 41)
    • Updating a Reference to the Conceptual Framework (Amendments to IFRS 3)
  • Disclosure Initiative—Accounting Policies — An Exposure Draft is expected in Q3 2019 (formerly H2 2019).
  • Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37) — Exposure Draft feedback is expected in May 2019 (formerly Q2 2019).

Research projects

  • Extractive Activities — The review of research is now expected in H2 2019 (no date given before).

Other projects

  • Due Process Handbook Review — An Exposure Draft is expected in June 2019 (formerly Q2 2019).
  • The following projects were removed from the work plan, as the 2019 IFRS XBRL taxomomy was issued in March 2019:
    • IFRS Taxonomy Update—2018 General Improvements
    • IFRS Taxonomy Update—Common Practice (IFRS 13)

The above is a faithful comparison of the IASB work plan at 21 March 2019 and at 12 April 2019. For access to the current IASB work plan at any time, please click here.

Not yet reflected in the work plan are two annoucements made by the staff during the update on the research programme at the April 2019 meeting:

  • The staff expect to start work on the PIR of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities in Q2 of 2019.
  • The staff also expect to start work on the pipeline project on the Equity Method in Q2 or Q3 of 2019 because there is some overlap with some of the issues that will be considered in the PIR of IFRS 11.

EFRAG Joint TEG-User Panel Meeting April 2019

12 Apr 2019

The European Financial Reporting Advisory Group (EFRAG) will hold its joint EFRAG TEG-User Panel meeting on 16 April 2019 in Brussels.

An agenda and details on how to register for the meeting can be found on the EFRAG website.

EFRAG TEG meeting April 2019

12 Apr 2019

The European Financial Reporting Advisory Group (EFRAG) will hold a TEG meeting on 17 April 2019 in Brussels.

An agenda and details on how to register for the meeting can be found on the EFRAG website.

IASB podcast on recent IFRS 17 discussions

12 Apr 2019

The IASB has released a podcast reporting on the discussions at two recent meetings on IFRS 17 'Insurance Contracts'.

The podcast discusses the meeting of the Transition Resource Group (TRG) for Insurance Contracts on 4 April 2019 and the IASB discussion of possible amendments to IFRS 17 on 9 April 2019. The IASB's discussion considered some of the TRG findings.

The 10-minute podcast can be accessed on YouTube.

Insurance contracts transition resource group holds fourth technical meeting

11 Apr 2019

The Transition Resource Group (TRG) for Insurance Contracts held its fourth technical meeting on 4 April 2019.

The purpose of the TRG is to seek feedback on potential issues related to implementation of IFRS 17 Insurance Contracts. Specifically, the TRG discussed the following two papers:

  • Investment components within an insurance contract
  • Reporting on other questions submitted

The meeting summary and audio recordings of each session are available on the TRG meeting page on the IASB’s website. For more information, see Deloitte's related IFRS in Focus newsletter. The IASB's discussion on amendments to IFRS 17 on 9 April also considered the TRG findings.

IASB issues 'Investor Update' newsletter

10 Apr 2019

The IASB has issued the eighteenth edition of its newsletter 'Investor Update', which provides investors with quick access to information about current accounting and financial reporting topics.

This issue features:

  • Spotlight — Crypto-assets: The standard-setting perspective
  • Preview — The Essentials: Analysing lessee financial statements and Non-GAAP performance measures
  • We need your views
  • Stay up to date
  • Resources for investors

The Investor Update newsletter is available on the IASB’s website.

IASB concludes discussion of possible amendments to IFRS 17, gives permission to develop an ED

09 Apr 2019

At its meeting currently held in London, the IASB discussed as a whole the amendments to IFRS 17 that the Board has tentatively decided to propose and confirmed that it wishes to proceed with an exposure draft to amend IFRS 17.

The Board discussed the following topics and questions:

  • Sweep issues. The Board discussed additional stakeholder concerns relating to IFRS 17 (and IFRS 9) that have arisen in the project on the amendments to IFRS 17. On the effective date of the proposed amendments to IFRS 17, the staff recommended that the effective date is aligned with that of IFRS 17. On all other issues, the staff recommended that the Board not undertake any further action. The Board agreed unanimously with the staff recommendations.
  • Annual improvements.
    • The Board discussed a number of minor changes the staff have become aware of through the ongoing implementation activities on IFRS 17 that would fall within the scope of the annual improvements process. There were some questions by the Board and additional clarifications will be added to the wording proposed by the staff. The Board agreed unanimously to include these changes in the forthcoming exposure draft.
    • The Board also agreed to include the minor changes to IFRS 17 identified as candidates for the annual improvements process in June 2018 in the forthcoming exposure draft.
  • Overview of the amendments to IFRS 17. The Board was provided with an overview of all the amendments to IFRS 17 that the Board has tentatively decided to propose, the likely effects of the proposed amendments to IFRS 17, and a cost-benefit analysis for all amendments. This part of the session was educational in nature, and no vote was taken.
  • Due process steps and permission for balloting.
    • The Board was asked to confirm its tentative decisions from the November 2018 meeting relating to the mandatory effective date of IFRS 17 and the fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9. The Board confirmed that it wants to propose deferring the effective dates (unanimous vote).
    • The Board was asked to confirm that it wishes to proceed with an exposure draft to amend IFRS 17. The Board confirmed that it is satisfied that it has complied with the applicable due process steps and that it should begin the balloting process for the exposure draft (unanimous vote).
    • No Board member indicated a planned dissent at this stage.

The staff will now begin drafting the exposure draft, which it expects to issue by the end of June 2019. The comment period will be discussed at the May 2019 Board Meeting after obtaining permission from the Due Process Oversights Committee for a reduced comment period.

Financial Reporting Lab publishes quarterly newsletter

05 Apr 2019

The Financial Reporting Lab ("the Lab") has published its Q1 newsletter providing highlights of its activities in the first quarter of 2019.

The newsletter highlights the Lab’s recently released report on artificial intelligence and provides a roundup of the Lab’s latest activities, including two conferences (on digital reporting and performance metrics).

The newsletter also provides an update of the Lab’s three current projects:  

  1. Climate change and workforce reporting;
  2. Sources and uses of cash;
  3. Digital future - virtual reality, augmented reality and video

The full newsletter is available on the FRC website here.

EFRAG publishes March 2019 issue of 'EFRAG Update'

05 Apr 2019

The European Financial Reporting Advisory Group (EFRAG) has published an 'EFRAG Update' summarising public technical discussions held and decisions made during March 2019.

The update reports on the EFRAG TEG meeting held on 20-21 March and the EFRAG CFSS and EFRAG TEG meeting held on 20 March.  The update also lists EFRAG publications issued in March which included:

Please click to download the March EFRAG Update from the EFRAG website.

PRAG issues guidance on accounting for Guaranteed Minimum Pension equalisation

05 Apr 2019

The Pensions Research Accountants Group (PRAG) has issued guidance on accounting for Guaranteed Minimum Pension (GMP) equalisation by pension schemes.

The guidance includes:

  • Accounting approach, presentation and disclosures with example disclosures in an appendix
  • Transfers in and out
  • Annuity buy ins/but-outs and longetivity swaps.
  • Audit implications

The guidance is available to members on the PRAG website. Our related Need to know publication is available here.

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