Updated IASB and ISSB work plan — Analysis (May 2023)

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

01 Jun, 2023

Following the IASB's and ISSB's May 2023 meetings, we have analysed the work plan on the IFRS Foundation website to see what changes have resulted from the meetings and other developments since the work plan was last revised in April 2023. The updates to the work plan include a new policy that all next project milestones are presented with an expected date, at a minimum the year when the next milestone is expected to be reached.

Below is an analysis of all changes made to the work plan since our last analysis on 2 May 2023.

Stan­dard-set­ting projects

  • Amendments to climate-related SASB standards — A newly added project regarding consequential amendments to the climate-related SASB standards to align them with IFRS S2; the consequential amendments are expected to be published together with IFRS S2 in June 2023.
  • Business Combinations — Disclosures, Goodwill and Impairment — An exposure draft is expected in H1 2024 (previously no date given).
  • Disclosure Initiative — Subsidiaries without Public Accountability: Disclosures — The IFRS Accounting Standard is expected in 2024 (previously no date given).
  • Dynamic Risk Management — An exposure draft is expected in 2025 (previously no date given).
  • Equity Method — An exposure draft is expected in 2024 (previously no date given).
  • Financial Instruments with Characteristics of Equity — An exposure draft is expected in H2 2023 (previously no date given).
  • International applicability of the SASB standards — Feedback on the exposure draft published in May 2023 is expected to be discussed in Q3 2023.
  • Management Commentary — A decision on the direction of the project is expected in H2 2023 (previously no date given).
  • Primary Financial Statements — The IFRS Accounting Standard is now expected in 2024 (previously no date given).
  • Rate-regulated Activities — The IFRS Accounting Standard is now expected in 2025 (previously no date given).

Main­te­nance projects

  • Amend­ments to the IFRS for SMEs Accounting Standard — International Tax Reform — Pillar Two Model Rules — Feedback on the exposure draft published in June 2023 is expected to be discussed in Q3 2023.
  • Annual Im­prove­ments to IFRS Accounting Standards — These projects have been added to the work plan with an exposure draft expected in Q3 2023:
    • Disclosure of Deferred Difference between Fair Value and Transaction Price (Amendments to Illustrative Guidance accompanying IFRS 7) 
    • Lessee Derecognition of Lease Liabilities (Amendments to IFRS 9)
    • Climate-related Risks in the Financial Statements — Review of the research is now expected in Q3 2023 (previously H2 2023).
    • International Tax Reform — Pillar Two Model Rules — Project removed from work plan with the issuance of the IFRS Accounting Standard.
    • Lack of Exchangeability (Amendments to IAS 21) — An IFRS Accounting Standard amendment is now expected in Q3 2023 (previously July 2023).
    • Provisions — Targeted Improvements — A decision on the direction of the project is expected in H2 2023 (previously no date given).
    • Supplier Finance Arrangements — Project removed from work plan with the issuance of the IFRS Accounting Standard amendment.

    Research projects

    • Business Combinations under Common Control — The decision on the direction of this project is expected in Q3 2023 (previously no date given).
    • Extractive Activities — The decision on the direction on this project is expected in Q3 2023 (previously July 2023).
    • Post-im­ple­men­ta­tion Review of IFRS 9: Impairment — Feedback on the request for in­for­ma­tion published in May 2023 is expected to be discussed in H2 2023.

    Strategy and Governance projects

    • ISSB Consultation on Agenda Priorities — Feedback on the request for in­for­ma­tion published in May 2023 is expected to be discussed in H2 2023.

    Other projects

    • IFRS Accounting Taxonomy Update — Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7 — A proposed IFRS Taxonomy update is now expected in Q3 2023 (previously H2 2023).
    • IFRS Accounting Taxonomy Update — Primary Financial Statements — This project has been added to the work plan with a proposed IFRS Taxonomy update expected in 2024.
    • IFRS Sustainability Disclosure Taxonomy — A proposed IFRS Sustainability Disclosure Taxonomy is now expected in Q3 2023 (previously H2 2023).

    The above is a faithful com­par­i­son of the IASB and ISSB work plan at 2 May 2023 and 1 June 2023. For access to the current work plan at any time, please click here.

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