Major projects

Title Description
Disclosure initiative — Subsidiaries that are SMEs This project is part of the IASB's overall disclosure initiative and aims at developing an IFRS (a reduced disclosure IFRS) that will permit subsidiaries that are small and medium-sized entities (SMEs) to apply IFRSs but with reduced disclosure requirements. An exposure draft of a proposed new standard was published 26 July 2021 with comments requested by 31 January 2022.
Disclosure initiative — Overview Provides a summary of projects in the IASB's overall disclosure initiative, outlining summary progress on the implementation and research projects the IASB has decided to consider as part of the broader initiative.
Financial instruments — Limited reconsideration of IFRS 9 Completed 2014. The finalised version of IFRS 9 'Financial Instruments' was issued on 24 July 2014.
Financial instruments — Macro hedge accounting A project to consider risk management strategies referring to open portfolios (macro hedging) which are not specifically covered by the IASB’s project on general hedge accounting. A discussion paper was published on 17 April 2014. A second discussion paper is expected in 2019.
Financial instruments — Comprehensive project A multi-faceted joint IASB-FASB project to rewrite the requirements for accounting for financial instruments, consisting of a number of sub-projects.
Financial instruments — Impairment Completed 2014. The finalised version of IFRS 9 'Financial Instruments' was issued on 24 July 2014.
Management commentary (Wider corporate reporting) The aim of this project is to review and update the 'Management Commentary Practice Statement' issued in 2010 to help address the lack of alignment and integration between wider corporate reporting and financial reporting. An exposure draft of an updated Practice Statement was published on 27 May 2021 with comments requested by 23 November 2021.
Primary financial statements The aim of this project is to develop improvements to the structure and content of the primary financial statements, with a focus on the statement(s) of financial performance. An exposure draft of a proposed new standard was published on 17 December 2019. On 17 April 2020, the comment period on the exposure draft was extended until 30 September 2020.
Rate-regulated activities — Comprehensive project The IASB is looking into developing an accounting model that will require rate-regulated companies to provide information about their incremental rights to add amounts, and incremental obligations to deduct amounts, in determining the future rates to be charged to customers as a result of goods or services already supplied. On 28 January 2021, the IASB published an exposure draft of a new standard ED/2021/1 'Regulatory Assets and Regulatory Liabilities'. The comment letter period has been extended until 30 July 2021.
Revenue recognition Completed 2014. IFRS 15 'Revenue from Contracts with Customers' was issued on 28 May 2014.
Second comprehensive review of the IFRS for SMEs This project is dedicated to a comprehensive review of the IFRS for SMEs, which the IASB issued in 2009 and amended in 2015. It is aimed at identifying whether and, if so, how the IFRS for SMEs should be updated to take account of IFRSs and amendments not currently incorporated into the IFRS for SMEs. An exposure draft of a proposed third edition of the standard was published on 8 September 2022 with comment requested by 7 March 2023.

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