Updated IASB and ISSB work plan — Analysis (April 2024)
29 Apr, 2024
Following the IASB and ISSB meetings this month, 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 March 2024. Several projects have been completed and one new project on intangibles has been added.
Below is an analysis of all changes made to the work plan since our last analysis on 26 March 2024.
Standard-setting projects
- Equity Method — An exposure draft is expected in Q3 2024 (previously H2 2024).
- Management Commentary — A decision on the project direction is now expected in June 2024 (previously Q2 2024).
- Primary Financial Statements — This project is removed from the work plan since the issuance of IFRS 18 Presentation and Disclosures in Financial Statements on 9 April.
- Second Comprehensive Review of the IFRS for SMEs Accounting Standard — The IFRS for SMEs Accounting Standard is now expected in H1 2025 (previously H2 2024).
Maintenance projects
- Addendum to the exposure draft 'Third edition of the IFRS for SMEs Accounting Standard'— Feedback on the exposure draft IASB/ED/2024/2 Addendum to the Exposure Draft 'Third edition of the IFRS for SMEsAccounting Standard' published on 28 March 2024 is expected to begin in Q3 2024.
- Annual improvements to IFRS Accounting Standards — The following now have the final amendment issued in July 2024 (previously Q3 2024):
- Cost Method (Amendments to IAS 7)
- Derecognition of Lease Liabilities (Amendments to IFRS 9)
- Determination of a ‘De Facto Agent’ (Amendments to IFRS 10)
- Disclosure of Deferred Difference between Fair Value and Transaction Price (Amendments to Guidance on implementing IFRS 7)
- Gain or Loss on Derecognition (Amendments to IFRS 7)
- Hedge Accounting by a First-time Adopter (Amendments to IFRS 1)
- Introduction and Credit Risk Disclosures (Amendments to Guidance on implementing IFRS 7)
- Transaction Price (Amendments to IFRS 9)
- Climate-related and Other Uncertainties in the Financial Statements — The next project step will now be an exposure draft expected to be published in Q3 2024.
Governance projects
- ISSB Consultation on Agenda Priorities — A feedback statement is now expected in June 2024 (previously Q2 2024).
Research projects
- Business Combinations under Common Control — This project has been removed from the work plan since the IASB completed it by publishing a project summary on 17 April 2024.
- Intangible Assets — This project has been added to the work plan and a review of the research is expected in H2 2024.
- Post-implementation Review of IFRS 15 — Revenue from Contracts with Customers — A feedback statement is now expected in Q3 2024 (previously H2 2024).
Other projects
- IFRS Accounting Taxonomy Update: The following projects were removed from work plan since the release of the update on 27 March:
- Amendments to IAS 12, IAS 21, IAS 7 and IFRS 7
- Common Practice (Financial Instruments) and General Improvements
- IFRS Accounting Taxonomy Update — Primary Financial Statements — A proposed IFRS Taxonomy Update is expected in May 2024 (previously Q2 2024)
- IFRS Accounting Taxonomy Update — Subsidiaries without Public Accountability: Disclosure and Amendments to IFRS 7 and IFRS 9 — A proposed IFRS Taxonomy Update is expected in Q3 2024 (previously H2 2024)
- IFRS Sustainability Disclosure Taxonomy — This project has been removed from the work plan since the ISSB published the disclosure taxonomy in April 2024.
The above is a faithful comparison of the IASB and ISSB work plan at 26 March 2024 and 29 April 2024. For access to the current work plan at any time, please click here.
