Set out below is a complete listing of all the active, past and research projects of the International Accounting Standards Board (IASB), the International Sustainability Standards Board (ISSB) and the IFRS Interpretations Committee.
Major projects of the IASB and ISSB that are expected to result in new or completely reissued pronouncements are listed by their project names. IASB/ISSB amendment projects, and most IFRIC projects, are listed by the pronouncement to which they relate.
| Project | Summary |
|---|---|
| Audit reform | This project tracks the development of recent audit reform in the UK including the role of the FRC. |
| Business Reporting of Intangibles | In February 2019, the Financial Reporting Council (FRC) issued a Discussion Paper on the Business Reporting of Intangibles. The FRC notes that there are frequent calls to reform the accounting for intangible assets, partially in response to the move to a knowledge-based economy. Therefore, the FRC paper published considers the case for radical change to the accounting for intangible assets and the likelihood of such change being made in the near future. The Discussion Paper was issued in February 2019 with a comment period to 30 April 2019. |
| Catch-up amendments to IFRS 19 | In developing the reduced disclosure requirements in IFRS 19 'Subsidiaries without Public Accountability: Disclosures', the IASB considered the disclosure requirements in other IFRS Accounting Standards as at 28 February 2021. This project page tracks all subsequent amendments to the standard that the IASB issues regularly to catch up with any disclosure requirements that were added or amended after that date. While first proposed amendments were published as part other, earlier exposure drafts, a comprehensive catch-up exposure draft was published on 30 July 2024 with comments requested by 27 November 2024. |
| Clear & Concise | The Financial Reporting Council’s (FRC's) Clear & Concise initiative is a programme of activities aimed at ensuring that annual reports provide relevant information for investors. The aim of the FRC with this initiative is to "promote good communication in corporate reporting". One of the aims of the Clear and Concise initiative is to change behaviour relating to financial reporting. The FRC calls for action by all those involved in the financial reporting process to focus on; communication; placement of information; and materiality. The Clear & Concise initiative brings together activities from across the FRC including narrative reporting, reports from the financial reporting lab and reporting by Corporate Reporting Review on areas in financial statements where 'clutter' is observed. |
| Climate change | The Financial Reporting Council (FRC) has announced a major review of how companies and auditors assess and report on the impact of climate change. |
| Climate-related and other uncertainties in the financial statements | This project looks whether and, if so, how targeted actions could improve the reporting of financial information about climate-related and other uncertainties in the financial statements. An exposure draft of proposed illustrative examples was published on 31 July 2024 with comments requested by 28 November 2024. |
| Culture project | The Financial Reporting Council (FRC) has launched a project on corporate culture and behaviour. The project will be in partnership with the Chartered Institute of Management Accountants (CIMA), the City Values Forum, the Chartered Institute of Personnel and Development (CIPD), the Institute of Business Ethics (IBE) and the Chartered Institute of Internal Auditors (IIA). |
| 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. |
| Earnings per share | On hold. Originally a joint IASB-FASB project to converge the requirements for the calculation of earnings per share. This project is currently on hold pending an IASB staff review to develop a recommended course of action. |
| Equity method of accounting | This project was originally meant to undertake a fundamentally assessment of the equity method of accounting in terms of usefulness to investors and difficulties for preparers. However, the IASB later modified the project objective as a fundamental review would require more time and resources than available. The project objective is now to assess whether application problems with the equity method, as set out in IAS 28 'Investments in Associates and Joint Ventures', can be addressed in consolidated and individual financial statements by identifying and explaining the principles of IAS 28. An exposure draft of proposed amendments was published on 19 September 2024 with comments requested by 20 January 2025. |
| 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 with characteristics of equity | Originally a joint IASB-FASB project addressing the distinction between liabilities and equity, this project was reactivated as a research project as part of the IASB's response to its Agenda Consultation 2011. An exposure draft IASB/ED/2023/5 'Financial Instruments with Characteristics of Equity (Proposed amendments to IAS 32, IFRS 7 and IAS 1)' was published on 29 November 2023. Comments are requested by 29 March 2024. |
| Future of digital reporting in the UK | The Financial Reporting Council (FRC) has launched a Discussion Paper on the future of digital reporting in the UK. |
| Getting a better framework | The FRC is contributing to IASB’s work to develop its Conceptual Framework for Financial Reporting by working in partnership with EFRAG and the national accounting standard-setters of France, Germany and Italy under the title “Getting a Better Framework”. |
| Goodwill and impairment | A project resulting from the post-implementation review of IFRS 3 'Business Combinations' aimed at investigating possible improvements to IFRS 3 and IAS 36 'Impairment of Assets'. An exposure draft was published on 14 March 2024 with comments requested by 15 July 2024. |
| Government grants | On hold. Originally a project to reconsider the requirements for government grant accounting. This project is currently on hold pending an IASB staff review to develop a recommended course of action. |
| Horizons Project | The Financial Reporting Lab is inviting investors and companies to participate in a new project on the disclosure of business models, strategy and the longer-term. The project is part of a new series focused around integrating longer-term time horizons into reporting. |
| IAS 19/IFRIC 14 — Remeasurement at a plan amendment, curtailment or settlement / Availability of a refund of a surplus from a defined benefit plan | A narrow scope project to clarify (a) the calculation of current service cost and net interest an when entity remeasures the net defined benefit liability (asset) when a plan amendment, curtailment or settlement occurs; and (b) whether a trustee's power to augment benefits or to wind up a plan affects the employer's unconditional right to a refund and thus, in accordance with IFRIC 14, restricts recognition of an asset. An exposure draft was published on 18 June 2015 with comment letter deadline 19 October 2015. Amendments to IAS 19 regarding (a) were issued on 7 February 2018. Amendments regarding (b) are still outstanding. |
| IFRS Interpretations Committee agenda discussions | The IFRS Interpretations Committee does not take all matters referred to it onto its agenda for resolution. This project page provides a summary of Committee discussions where the issues are not taken onto the Committee agenda. |
| 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. |
| Market study on the NHS audit market | The Financial Reporting Council (FRC) has launched a comprehensive market study into the audit market for National Health Services (NHS) providers and Integrated Care Boards (ICBs). |
| Market study on UK sustainability assurance market | The Financial Reporting Council (FRC) has launched its first market study to examine the UK market for sustainability assurance services. |
| Power purchase agreements | This project looks into whether it is feasible to make narrow-scope amendments to IFRS 9 'Financial Instruments' to better reflect the effect of power purchase agreements on the financial statements. The IASB is looking into both, power purchase agreements and virtual power purchase agreements (contracts for differences). An exposure draft of proposed amendments was published on 8 May 2024 with comments requested by 7 August 2024. |
| Provisions — Targeted improvements | This project deals with targeted improvements of IAS 37 'Provisions, Contingent Liabilities and Contingent Assets' that address problems with particular aspects of the standard identified by stakeholders. An exposure draft of proposed amendments was published on 12 November 2024 with comments requested by 12 March 2025. |
| 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. |
| Revised going concern guidance | The Financial Reporting Council (FRC) has issued a consultation for revised 'Guidance on the Going Concern Basis of Accounting and Related Reporting (including Solvency and Liquidity Risks)' (“the draft Guidance”) which would replace the FRC’s existing 'Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risks', issued in 2016. |
| Scenario Analysis Research Project | The Financial Reporting Council (FRC) has commissioned the Scenario Analysis Research project to explore the use of scenario analysis by FTSE 350 companies. |
| 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. An addendum to the exposure draft was published on 28 March 2024 with comments requested by 31 July 2024. |
| Smaller listed and AIM company reporting | The FRC has launched a project to evaluate and plan how it might assist smaller listed and AIM companies to address the quality of their reporting so as to improve confidence in the integrity of their financial statements and of the markets as a whole. Phase 1 of the project was completed in June 2015. |
| SORPS and New UK GAAP | SORPs exist for a range of specific entities and industries. More detail is given below. If a type of entity falls within the scope of a SORP, its financial statements should be prepared in accordance with FRS 102 and that SORP. |
| The future of corporate reporting | The Financial Reporting Council (FRC) is undertaking a major new project on the future of corporate reporting. As part of this project, it has launched an online survey to gather the views of a wide range of stakeholder seeking to answer the question 'what information do users need'. |
| The Sharman Inquiry | The FRC has now finalised its implementation of the recommendations of the Sharman Inquiry, with the publication of an updated version of the UK Corporate Governance Code in September 2014 and associated Guidance on Risk Management, Internal Control and Related Financial and Business Reporting. These are effective for periods commencing on or after 1 October 2014. |
| UK Stewardship Code 2020 review | The Financial Reporting Council (FRC) has launched a review of the 2020 UK Stewardship Code (the Code) to ensure it supports growth and the UK's competitiveness. |
| Use of a hyperinflationary presentation currency by a non-hyperinflationary entity | This project looks into the application of the requirements in IAS 21 'The Effects of Changes in Foreign Exchange Rates' to translate amounts from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy. An exposure draft of proposed amendments was published on 25 July 2024 with comments requested by 22 November 2024. |
| XBRL — UK GAAP | On 26 September 2013, the Financial Reporting Council (FRC) announced a project to improve the quality of electronic "tagging" of accounts. As part of this, the XBRL tagging conventions (taxonomies) would be updated to reflect the new financial reporting standards for the UK and Ireland (FRS 101 and FRS 102) introduced in March 2013. In September 2014 the FRC published XBRL taxonomies for EU IFRS, FRS 101 and FRS 102, as well as a Developer Guide and a Tagging Guide to help preparers implement the new taxonomies. A number of updates to the taxonomies have been made since. |
| Project | Summary |
|---|---|
| Audit and Assurance Lab | The Audit & Assurance Lab seeks to promote best practice in a safe environment by engaging with stakeholders including audit committees, companies, investors, and auditors in a collaborative environment to understand their perspectives on an issue. |
| Financial reporting in high inflationary economies | The IASB formally added this research project to its work programme in December 2012 as part of its response to the Agenda Consultation 2011. The IASB has completed its initial assessment on this project and has no current plans to undertake additional work. It plans to remove this project from the research programme, subject to feedback in the next agenda consultation. |
| Financial Reporting Lab | The Financial Reporting Lab is an initiative of the Financial Reporting Council (FRC). The FRC use the lab to experiment with new reporting requirements and is supported with input from investors in this process. |
| Foreign currency translation | A research project considering the broader issues associated with foreign currency translation. The IASB has completed its initial assessment on this project and has no current plans to undertake additional work. It plans to remove this project from the research programme, subject to feedback in the next agenda consultation. |
| Improving the Statement of Cash Flows | On 20 October 2016 the Financial Reporting Council (FRC) initiated a project on improving the Statement of Cash Flows with the aim of identifying possible evolutionary improvements to the statement of cash flows as currently required by International Accounting Standard (IAS) 7 'Statement of Cash Flows'. A feedback statement was published in July 2017. |
| Income taxes — Comprehensive project | Originally an IASB-FASB convergence project to eliminate differences between IFRS and US GAAP on accounting for income taxes, this project has subsequently become an IASB-only research project. Preliminary work on this research project is not expected to commence until after the 2015 agenda consultation. |
| Intangible assets | This research project is designed to assess the feasibility of developing one set of reporting requirements for investigative, exploratory and developmental activities across a wide range of activities. This project was activated as an IASB-only research project as part of the IASB's response to its Agenda Consultation 2011. |
| Non-financial liabilities | Originally a project to amend the requirements of IAS 37 to clarify the requirements for accounting for liabilities of uncertain timing or amount, this project was reactivated as a research project as part of the IASB's response to its Agenda Consultation 2011. |
| Pollutant pricing mechanisms (formerly Emissions trading schemes) | A project to consider a variety of schemes that use emissions allowances to manage the emission of pollutants. This project was reactivated as an IASB-only research project as part of the IASB's response to its Agenda Consultation 2011. |
| Post-employment benefits — Comprehensive project | Originally a longer term joint IASB-FASB comprehensive project to consider a common standard on post-employment benefit promises, this project is currently a longer-term IASB-only research project. Board discussions are expected during the first and second quarter of 2015. |
| XBRL — eXtensible Business Reporting Language | XBRL (eXtensible Business Reporting Language) is an XML-based computer software language that is developed specifically for the automation of business information requirements, such as the preparation, sharing and analysis of financial reports, statements, and audit schedules. |
| Project | Summary |
|---|---|
| Biodiversity, ecosystems and ecosystem services | This research project is intended to collect evidence on two broad areas of consideration: first, the nature and extent of the market need for more useful disclosure of information about biodiversity, ecosystems and ecosystem services-related risks and opportunities that could reasonably be expected to affect an entity’s prospects, and, second, on potential ways to address that need. |
| Human capital | This research project is intended to collect evidence on two broad areas of consideration: first, the nature and extent of the market need for more useful disclosure of information about human capital-related risks and opportunities that could reasonably be expected to affect an entity’s prospects, and, second, on potential ways to address that need. |
There are no research projects.
| Project | Summary |
|---|---|
| Adoption of IASC Standards and SIC Interpretations | Completed 2001. In April 2001, the IASB approved a resolution to adopt the IASC Standards and SIC Interpretations existing at 1 April 2001. |
| Agenda consultation 2011 | Completed 2012. A three-yearly public consultation on the IASB's future technical agenda. The IASB issued a 'Feedback Statement' on 18 December 2012. |
| Agenda consultation 2015 | Completed 2016. The second agenda consultation of the IASB was concluded on 2 November 2016 by releasing a feedback statement. |
| Agenda consultation 2020 | The agenda consultation was concluded on 29 July 2022 by releasing a feedback statement. |
| Amendments to IFRS 17 'Insurance Contracts' | Completed 2020. The IASB issued 'Amendments to IFRS 17' and 'Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)' on 25 June 2020. |
| Annual improvements — 2006-2008 cycle | Completed 2008. The IASB issued 'Improvements to IFRSs' on 22 May 2008. |
| Annual improvements — 2007-2009 cycle | Completed 2009. The IASB issued 'Improvements to IFRSs' on 16 April 2009. |
| Annual improvements — 2008-2010 cycle | Completed 2010. The IASB issued 'Improvements to IFRSs' on 6 May 2010. |
| Annual improvements — 2009-2011 cycle | Completed 2012. The IASB issued 'Annual Improvements 2009–2011 Cycle' on 17 May 2012. |
| Annual improvements — 2010-2012 cycle | Completed 2013. The IASB issued 'Annual Improvements to IFRSs 2010–2012 Cycle' on 12 December 2013. |
| Annual improvements — 2011-2013 cycle | Completed 2013. The IASB issued 'Annual Improvements to IFRSs 2011–2013 Cycle' on 12 December 2013. |
| Annual improvements — 2012-2014 cycle | Completed 2014. The IASB issued 'Annual Improvements to IFRSs 2012–2014 Cycle' on 25 September 2014. |
| Annual improvements — 2013-2015 cycle | Discontinued 2014. The IASB decided at its July 2014 meeting to discontinue the 2013-2015 cycle of annual improvements in favour of a new 2014-2016 cycle. |
| Annual improvements — 2014-2016 cycle | Completed 2016. The IASB issued 'Annual Improvements to IFRS Standards 2014–2016 Cycle' on 8 December 2016. |
| Annual improvements — 2015-2017 cycle | Completed 2017. The IASB issued 'Annual Improvements to IFRS Standards 2015–2017 Cycle' on 12 December 2017. |
| Annual improvements — 2018-2020 cycle | Completed 2020. The IASB issued 'Annual Improvements to IFRS Standards 2018–2020' on 14 May 2020. |
| Annual improvements — Volume 11 | Completed 2024. The IASB issued 'Annual Improvements to IFRS Accounting Standards — Volume 11' on 18 July 2024. |
| Asset disposals and discontinued operations | Completed 2004. The IASB issued IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations' on 31 March 2004. |
| Business combinations – Combinations by contract alone or involving mutual entities | Discontinued 2004. The IASB decided not to finalise its proposals, but rather deal with the issues in Phase II of the business combinations project. |
| Business combinations – Phase II (application of the purchase method) | Completed 2008. The IASB issued a revised IFRS 3 'Business Combinations' and related revisions to IAS 27, IAS 28, and IAS 31 on 10 January 2008. |
| Business combinations – Phase I | Completed 2004. IFRS 3 'Business Combinations', and revised versions of IAS 36 'Impairment of Assets' and IAS 38 'Intangible Assets', were issued on 31 March 2004. |
| Business reporting on the internet | Discontinued 2001. This project was handed over to the International Federation of Accountants (IFAC), who are working on a similar project. |
| Changes in accounting policies and estimates | Completed 2021. The IASB issued 'Definition of Accounting Estimates (Amendments to IAS 8)' on 12 February 2021. |
| Clarifications arising from the post-implementation review of IFRS 8 | This project has been concluded. The IASB published 'Improvements to IFRS 8 'Operating Segments' — Proposed amendments to IFRS 8 and IAS 34 project summary' on 28 February 2019 and will not conduct any further work regarding this project. |
| Clarifications to IFRS 15: Issues emerging from TRG discussions | Completed 2016. The IASB issued 'Clarifications to IFRS 15 'Revenue from Contracts with Customers'' on 12 April 2016. |
| Classification and measurement of financial instruments | Completed 2024. The IASB issued 'Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)' on 30 May 2024. |
| Classification of liabilities — Effective date | Completed. The IASB issued 'Classification of Liabilities as Current or Non-current — Deferral of Effective Date' on 15 July 2020. |
| Climate-related disclosures | Completed 2023. The ISSB issued IFRS S2 ‘Climate-related Disclosures’ on 26 June 2023. |
| Common control transactions | This project has been completed. The IASB published a concluding project summary on 17 April 2024. |
| Concepts (Elements of financial statements) | Superseded. This is a project was initiated in 2001 and was intended to explore similarities and differences between the definitions of the elements of financial statements. This project has been replaced by the comprehensive Conceptual Framework joint project being undertaken by the IASB and FASB. |
| Conceptual Framework — Comprehensive IASB project | Completed 2018. The revised version of the Conceptual Framework was issued on 29 March 2018. |
| Conceptual Framework — IASB-FASB joint project | Originally a joint IASB-FASB project to develop a common conceptual framework to be used as a basis for accounting standards, this project was suspended and replaced in 2012 by an IASB-only comprehensive project. |
| Conceptual Framework Phase F — Purpose and status | Part of the IASB-FASB comprehensive project on the Conceptual Framework, dealing with the Conceptual Framework's authoritative status, with the goal of developing a framework that is of comparable authority for the use of both the IASB and FASB in the standard-setting process. This project was discontinued when the overall IASB-FASB project was replaced by an IASB-only comprehensive project during 2012. |
| Conceptual Framework Phase A – Objective and qualitative characteristics | Completed 2010. Part of the comprehensive project on the Conceptual Framework, dealing with topics such as stewardship, primary users and attributes that make financial information useful. 'Conceptual Framework for Financial Reporting 2010' was issued on 28 September 2010. |
| Conceptual Framework Phase E — Presentation and disclosure | Part of the IASB-FASB comprehensive project on the Conceptual Framework, dealing with the concepts underlying display and disclosure of financial information, including the boundaries of such information. This project was replaced by an IASB-only comprehensive project during 2012. |
| Conceptual Framework Phase C — Measurement | Part of the IASB-FASB comprehensive project on the Conceptual Framework, dealing with how the various elements of the financial statements should be measured. This project was replaced by an IASB-only comprehensive project during 2012. |
| Conceptual Framework Phase B — Elements and recognition | Part of the IASB-FASB comprehensive project on the Conceptual Framework, dealing with the various elements of the financial statements, such as assets, liabilities, revenues and expenses and their broad recognition requirements. This project was replaced by an IASB-only comprehensive project during 2012. |
| Conceptual Framework Phase D — Reporting entity | Part of the IASB-FASB comprehensive project on the Conceptual Framework, dealing with the boundaries of the reporting entity. This project was replaced by an IASB-only comprehensive project during 2012. |
| Conceptual Framework Phase H — Remaining issues | Part of the IASB-FASB comprehensive project on the Conceptual Framework, dealing with any residual issues after completion of the other phases. This project was discontinued when the overall IASB-FASB project was replaced by an IASB-only comprehensive project during 2012. |
| Conceptual Framework Phase G — Application to not-for-profit entities | Part of the comprehensive project on the Conceptual Framework, which will consider the applicability of the concepts developed in earlier phases to not-for-profit entities in the private sector. This project was discontinued when the overall IASB-FASB project was replaced by an IASB-only comprehensive project during 2012. |
| Consolidation — Comprehensive project | Completed 2011. IFRS 10 'Consolidated Financial Statements' was issued on 12 May 2011, implementing a single consolidation model based on the concept of control replacing both IAS 27 and SIC-12. |
| Consolidation — Investment entities | Completed 2012. The IASB issued 'Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)' on 31 October 2012. |
| Convergence issues – Financial instruments (superseded) | This page has been superseded by 'Financial instruments - Comprehensive project'. |
| Different effective dates of IFRS 9 and the new insurance contracts standard | Completed 2016. Final amendments to IFRS 4 'Insurance Contracts' were issued on 12 September 2016. |
| Disclosure initiative — IAS 1 amendments | Completed 2014. The IASB issued 'Disclosure Initiative (Amendments to IAS 1)' on 18 December 2014. |
| Disclosure initiative — Principles of disclosure | This project has been concluded. The IASB published ‘Disclosure Initiative — Principles of Disclosure project summary' on 21 March 2019 and will not conduct any further work regarding this project. |
| Disclosure initiative — Accounting policies | Completed 2021. The IASB issued 'Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)' on 12 February 2021. |
| Disclosure initiative — Subsidiaries that are SMEs | Completed 2024. The IASB issued IFRS 19 'Subsidiaries without Public Accountability: Disclosures' on 9 May 2024. |
| Disclosure initiative — Disclosure review | Completed 2023. On the basis of constituent feedback on the exposure draft ED/2021/3 'Disclosure Requirements in IFRS Standards — A Pilot Approach (Proposed amendments to IFRS 13 and IAS 19)', the IASB decided not to follow up on the proposed amendments. The IASB published a project summary and feedback statement on the project and guidance summarising the improved approach to developing disclosure requirements in IFRS Accounting Standards developed as part of the project. |
| Disclosure initiative — Materiality | Completed. The IASB issued IFRS Practice Statement 'Making Materiality Judgements' on 14 September 2017 and 'Definition of Material (Amendments to IAS 1 and IAS 8)' on 31 October 2018. |
| Disclosure initiative — Net debt | Completed 2016. The IASB issued 'Disclosure Initiative (Amendments to IAS 7)' on 29 January 2016. |
| Discount rates | This project has been concluded. The IASB published 'Discount rates in IFRS Standards project summary' on 28 February 2019 and will not conduct any further work regarding this project. |
| Effective dates and transition | Effectively discontinued. A joint IASB-FASB project seeking views on when new financial reporting standards resulting primarily from the Boards' work to improve and achieve convergence of IFRSs and US GAAP should become effective. |
| Emission rights | Completed 2004. IFRIC 3 'Emission Rights' was issued on 2 December 2004. |
| Employee benefits — Convergence issues (superseded) | Superseded by the comprehensive project on post-employment benefits. |
| Extractive activities — Exploration for and evaluation of mineral resources | Completed 2004. IFRS 6 'Exploration for and Evaluation of Mineral Resources' was issued on 10 December 2004. |
| Extractive activities — Comprehensive project | This project has been completed. The IASB published a concluding project summary on 7 December 2023. |
| Fair value measurement | Completed 2011. IFRS 13 'Fair Value Measurement' was issued on 12 May 2011 and provides guidance on how to measure the fair value of assets and liabilities when required by other Standards. The IASB and FASB are developing educational material relating to fair value measurements. |
| 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 — Effective date of IFRS 9 | Completed 2011. The IASB issued 'Mandatory Effective Date and Transition Disclosures (Amendments to IFRS 9 and IFRS 7)' on 16 December 2011. |
| Financial instruments — General hedge accounting | Completed 2013. IFRS 9 'Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39)' was issued on 19 November 2013. |
| Financial instruments — Classification and measurement | Completed 2010. IFRS 9 'Financial Instruments' was issued on 12 November 2009 (dealing with financial assets) and reissued on 28 October 2010 (incorporating requirements for financial liabilities). |
| Financial instruments — Asset and liability offsetting | Completed 2011. 'Disclosures — Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7)' and 'Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32)' were issued on 16 December 2011. |
| Financial instruments — Derecognition | An IASB project to consider the derecognition of financial instruments. In light of the feedback received during the consultation process, the IASB decided to retain the existing derecognition requirements and to finalise improved disclosure requirements. |
| Financial instruments — Disclosures | Completed 2005. IFRS 7 'Financial Instruments: Disclosures' and 'Capital Disclosures (Amendments to IAS 1)' were issued on 18 August 2005. |
| Financial instruments — Impairment | Completed 2014. The finalised version of IFRS 9 'Financial Instruments' was issued on 24 July 2014. |
| Financial statement presentation — Other comprehensive income | Completed 2011. The IASB issued 'Presentation of Items of Other Comprehensive Income (Amendments to IAS 1)' on 16 June 2011 implementing limited scope amendments to IAS 1. |
| Financial statement presentation — Financial statements and comparatives | Completed 2007. The IASB issued a revised IAS 1 'Presentation of Financial Statements' on 6 September 2007, completing the first phase of the IASB-FASB convergence project on financial statement presentation. |
| Financial statement presentation — Comprehensive project | Discontinued in 2010. This project sought to address broadly the issues related to the display and presentation in the financial statements of all recognised changes in assets and liabilities from transactions or other events except those related to transactions with owners as owners (sometimes called comprehensive income). |
| First-time adoption of International Financial Reporting Standards | Completed 2003. IFRS 1 'First-time Adoption of International Financial Reporting Standards' was issued on 19 June 2003. |
| FRED 50 Residential Management Companies' Financial Statements | The Financial Reporting Council (FRC) issued financial reporting Exposure Draft FRED 50 containing Draft FRC Abstract 1: Residential Management Companies’ Financial Statements setting out proposals for the treatment of residential management transactions in the financial statements of residential management companies (RMCs) in August 2013. The FRC also issued consequential amendments to the Financial Reporting Standard for Smaller Entities (FRSSE). In September 2014, the FRC published its consultation document, ‘Accounting standards for small entities - Implementation of the EU Accounting Directive’ setting out the FRC’s proposals to amend UK accounting standards as part of the implementation of the EU Accounting Directive. As part of this consultation the FRC proposed that a new sub-section of FRS 102 (within Section 34) would be added based on FRED 50 Residential Management Companies’ Financial Statements. However, in February 2015, the FRC indicated in FRED 59 that no change would be made to FRS 102 and in the July 2015 updates to FRS 102, the FRC confirmed that no changes to accounting standards will be made to mandate a particular treatment for residents management companies. |
| FRED 51: Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland: Hedge Accounting | The Financial Reporting Council (FRC) has issued 'Amendments to FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland': Basic financial instruments and Hedge accounting'. The amendments follow consultation on the proposals set out in Financial Reporting Exposure Draft (FRED) 51 Draft amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland: Hedge Accounting. The amendments replace the restrictive hedge accounting requirements previously in FRS 102 with a set of hedge accounting principles based on the IFRS 9 Financial Instruments hedge accounting model. As a result of the amendments, there will be more opportunities for entities to apply hedge accounting. |
| FRED 52: ‘Draft amendments to the Financial Reporting Standard for Smaller Entities (effective April 2008) - Micro-entities | In December 2013, new regulations were introduced into UK Company Law to allow 'micro-companies' to prepare and file ‘abridged’ accounts in place of full financial statements. The FRC has now published amendments to the Financial Reporting Standard for Smaller Entities (FRSSE) to enable micro-entities to comply with the FRSSE whilst taking advantage of these exemptions. These amendments follow a comment period that ran until 12 February 2014 on Financial Reporting Exposure Draft (FRED) 52. The amendments are effective for periods ending on or after 30 September 2013 for companies filing their accounts on or after 1 December 2013. |
| FRED 53: ‘Draft amendments to FRS 101 'Reduced Disclosure Framework' (2013/14) | When it issued FRS 101 in November 2012, the Financial Reporting Council (FRC) committed to review the standard on an annual basis and update it to ensure that it maintains consistency with IFRS and remains cost-effective for groups. In July 2014, the FRC issued amendments to Financial Reporting Standard (FRS) 101 ‘Reduced Disclosure Framework’ available to UK subsidiary companies that wish to apply the recognition and measurement requirements of IFRSs in their financial statements. |
| FRED 54: ‘Draft amendments to FRS 102 – Basic financial instruments | The Financial Reporting Council (FRC) has issued 'Amendments to FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland': Basic financial instruments and Hedge accounting'. The amendments follow consultation on the proposals set out in Financial Reporting Exposure Draft (FRED) 54 Draft amendments to FRS 102 – Basic financial instruments. The amendments permit amortised cost measurement for a broader range of debt instruments where it adequately captures the risk associated with those financial instruments |
| FRED 55: Draft Amendments to FRS 102 — Pension Obligations | The Financial Reporting Council (FRC) has published ‘Amendments to FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ – pension obligations’. The amendments, which are effective for accounting periods beginning on or after 1 January 2015, clarify aspects of the accounting for defined benefit pension plans under FRS 102. |
| FRED 56: Draft FRS 104 Interim Financial Reporting | The Financial Reporting Council (FRC) has published Financial Reporting Standard (FRS) 104 'Interim Financial Reporting'. FRS 104 sets out a new standard on interim reporting for entities that apply FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ in their annual financial statements. |
| FRED 57: Draft amendments to FRS 101 'Reduced Disclosure Framework' (2014/15) | When it issued FRS 101 in November 2012, the Financial Reporting Council (FRC) committed to review the standard on an annual basis and update it to ensure that it maintains consistency with IFRS and remains cost-effective for groups. The amendments, published in July 2015, represent the second of these annual updates, following the 2013/2014 amendments. |
| FRED 58 — Draft FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime | In July 2015, the Financial Reporting Council (FRC) published FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. FRS 105, the new accounting standard for entities choosing to apply the Micro-entities regime, is based on FRS 102 but its accounting requirements are adapted to satisfy the legal requirements applicable to micro-entities and to reflect the simpler nature and smaller size of micro-entities. |
| FRED 59 — Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments | In July 2015, the FRC issued 'Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments'. Among other things, the amendments set out revised presentation and disclosure requirements for financial reporting by small entities in a new section of FRS 102, Section 1A Small Entities. This new section replaced the existing Financial Reporting Standard for Smaller Entities (FRSSE). A number of other necessary amendments have been made to maintain consistency between FRS 102 and company law and the FRC. Within the amendments to FRS 102, the FRC has also made a narrow scope amendment to clarify and simplify the accounting for share and share option awards where a cash settlement alternative exists. |
| FRED 60 — Draft amendments to FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework | In July 2015, the FRC issued 'Amendments to FRS 100 Application of Financial Reporting Requirements'. The amendments to FRS 100 reflect the revised framework of accounting standards, including the replacement of the FRSSE with a new section in FRS 102 and the introduction of the micro-entity accounting standard FRS 105. |
| FRED 61 — Draft amendments to FRS 102 – Share-based payment transactions with cash alternatives | In July 2015, the FRC issued 'Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments'. Within these amendments the FRC has made a narrow scope amendment to FRS 102 to clarify and simplify the accounting for share and share option awards where a cash settlement alternative exists. |
| FRED 62 — Draft amendments to FRS 102 – Fair value hierarchy disclosures | In March 2016, the FRC issued 'Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Fair value hierarchy disclosures'. These amendments are relevant only to financial institutions and retirement benefit plans as defined in FRS 102 and amend paragraphs 34.22 and 34.42 of FRS 102 to require disclosure of financial instruments held at fair value on the basis of a fair value hierarchy consistent with EU-adopted IFRS. |
| FRED 63 Draft Amendments to FRS 101 Reduced Disclosure Framework 2015/16 cycle | In July 2016 the FRC issued 'Amendments to FRS 101 Reduced Disclosure Framework 2015/16 Cycle'. The amendments provide certain disclosure exemptions in relation to IFRS 15 'Revenue from Contracts with Customers' and clarify a legal requirement relating to the order in which the notes to the financial statements are presented |
| FRED 64 Draft amendments to FRS 103 Insurance Contracts | In May 2016, the FRC issued Amendments to FRS 103 Insurance Contracts - Solvency II. The amendments, which are applicable for accounting periods ending on or after 1 January 2016, update the terminology and definitions used in FRS 103 as a result of the implementation of the Solvency II Directive. Early adoption is not permitted. |
| FRED 65 Draft amendments to FRS 101 Reduced Disclosure Framework – notification of shareholders | In July 2016, the FRC issued Financial Reporting Exposure Draft (FRED) 65 'Draft amendments to FRS 101 Reduced Disclosure Framework – notification of shareholders'. In FRED 65 the FRC proposed amendments to FRS 101 to remove the requirement for a qualifying entity to notify its shareholders in writing that it intends to take advantage of the disclosure exemptions in FRS 101. A similar consequential amendment was proposed for FRS 102. 'Amendments to FRS 101 and FRS 102 - Notification of shareholders' were published by the FRC in December 2016. |
| FRED 66: Draft Amendments to FRS 101 Reduced Disclosure Framework 2016/17 cycle | In December 2016, the FRC issued 'Draft Amendments to FRS 101 Reduced Disclosure Framework 2016/17 cycle' proposing limited amendments to FRS 101. The amendments were published by the FRC in July 2017. ng Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments'. Within these amendments the FRC has made a narrow scope amendment to FRS 102 to clarify and simplify the accounting for share and share option awards where a cash settlement alternative exists. |
| FRED 67: Draft Amendments to FRS 102 - Triennial Review 2017 | In March 2017, the FRC issued 'FRED 67 Draft Amendments to FRS 102 - Triennial Review 2017' proposing incremental improvements and clarifications to Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. In December 2017, the FRC published amendments to FRS 102 as a result of consultation in FRED 67. |
| FRED 68: Draft Amendments to FRS 102 - Payments by subsidiaries to their charitable parents that qualify for gift aid | In September 2017, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 68 'Draft Amendments to FRS 102 - Payments made by subsidiaries to their charitable parents that qualify for gift aid' in relation to gift aid payments made by a subsidiary to its charitable parent. In December 2017, the FRC published amendments to FRS 102 as a result of consultation in FRED 68. |
| FRED 69: FRS 101 Reduced Disclosure Framework 2017/18 cycle | In October 2017, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 69 'FRS 101 'Reduced Disclosure Framework - 2017/18 cycle'' proposing no amendments to FRS 101. Amendments to the Basis for Conclusions FRS 101 Reduced Disclosure Framework was subsequently issued on 10 May 2018. No amendments to FRS 101 have been made as a result of the 2017/18 review. |
| FRED 70 Draft amendments to FRS 101: Reduced Disclosure Framework - 2018/19 cycle | In January 2019, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 70 'FRS 101 'Reduced Disclosure Framework - 2018/19 cycle''. |
| FRED 71 Draft Amendments to FRS 102: Multi-employer defined benefit plans | In January 2019, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 71 ‘Draft Amendments to FRS 102: Multi-employer defined benefit plans’ |
| FRED 72 'Draft amendments to FRS 102 – Interest rate benchmark reform' | In July 2019, the Financial Reporting Council (FRC) published FRED 72 'Draft amendments to FRS 102 – Interest rate benchmark reform'. |
| FRED 73 Draft amendments to FRS 101 Reduced Disclosure Framework 2019/20 cycle | In December 2019, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 73 ‘Draft amendments to FRS 101 Reduced Disclosure Framework 2019/20 cycle’ |
| FRED 74 Draft amendments to FRS 102 – Interest rate benchmark reform (Phase 2) | In May 2020, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 74 ‘Interest rate benchmark reform (phase 2)’. |
| FRED 75 Draft amendments to FRS 104 Interim Financial Reporting - Going concern | In July 2020, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 75 ‘Draft amendments to FRS 104 Interim Financial Reporting - Going concern'. |
| FRED 76 Draft amendments to FRS 102 and FRS 105 - COVID-19-related rent concessions | In July 2020, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 76 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions'. |
| FRED 77 Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 | In November 2020, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft 77 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 cycle' (FRED 77). |
| FRED 78 Draft amendments to FRS 102 and FRS 105 - COVID-19-related rent concessions beyond 30 June 2021 | In April 2021 the Financial Reporting Council (FRC) issued 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021'. |
| FRED 79 FRS 101 Reduced Disclosure Framework – 2021/22 cycle | In December 2021, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft 79 'FRS 101 Reduced Disclosure Framework – 2021/22 cycle' (FRED 79). |
| FRED 80 Draft amendments to FRS 100 Application Guidance: The Interpretation of Equivalence | In May 2022, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 80 'Draft amendments to FRS 100 Application of Financial Reporting Requirements Application Guidance: The Interpretation of Equivalence'. |
| FRED 81 'FRS 101 Reduced Disclosure Framework – 2022/23 cycle' | In December 2022, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft 81 'FRS 101 Reduced Disclosure Framework – 2022/23 cycle' (FRED 81). |
| FRED 82 ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review | In December 2022 the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 82 ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review'. |
| FRED 83 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules' | In April 2023 the Financial Reporting Council (FRC) published Financial Reporting Exposure Draft (FRED) 83 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules' ("FRED 83") which proposed to introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the OECD’s Pillar Two model rules, alongside targeted disclosure requirements. Amendments to FRS 102 and FRS 101 were subsequently published in July 2023. |
| FRED 84 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Supplier Finance arrangements' | In September 2023, the Financial Reporting Council (FRC) published Financial Reporting Exposure Draft (FRED) 84 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Supplier Finance arrangements ("FRED 84") which proposes to introduce new disclosure requirements to provide users of financial statements with additional information about an entity's use of supplier finance arrangements and the effect of such arrangements on the entity's financial position and cash flows. |
| FRED 85 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle' | In December 2023, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft 85 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle' (FRED 85). |
| FRSSE (effective January 2015) | In July 2015, the FRC published a new standard, FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime and amended FRS 102 to include new requirements for Small Entities. These became effective from 1 January 2016, when the FRSSE was withdrawn. |
| General requirements | Completed 2023. The ISSB issued IFRS S1 'General Requirements for Disclosure of Sustainability-related Financial Information' on 26 June 2023. |
| IAS 1 — Classification of liabilities | Completed. The IASB issued 'Classification of Liabilities as Current or Non-current (Amendments to IAS 1)' on 23 January 2020. |
| IAS 1 — Classification of debt with covenants as current or non-current | Completed 2022. The IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)' on 31 October 2022. |
| IAS 1 — Disclosures about going concern | A narrow scope project to clarify the disclosure requirements about the assessment of going concern in IAS 1 'Presentation of Financial Statements'. This project has been incorporated into the IASB's short-term disclosure initiative of amendments to IAS 1. |
| IAS 1 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 1 'Presentation of Financial Statements' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 2 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 2 'Inventories' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 7 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 7 'Statement of Cash Flows' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 8 — Accounting policy changes | Discontinued. The Board decided in June 2020 not proceed with the amendments proposed in March 2018 and do no further work on the project. |
| IAS 8 — Effective dates and transition methods | Discontinued 2012. In October 2012, the IASB suspended this project pending the outcome of its Conceptual Framework project. |
| IAS 8 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 8 'Accounting Policies, Changes in Estimates and Errors' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 10 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 10 'Events After the Reporting Period' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 11 — Criteria for combining and segmenting contracts | Discontinued 2006. IFRIC formally removed the issue from its agenda at its November 2006 meeting. The issues will instead be considered as part of the IASB's project on revenue recognition. |
| IAS 11 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 11 'Construction Contracts' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 12 — Accounting for uncertainties in income taxes | Completed 2017. The IASB issued IFRIC 23 'Uncertainty over Income Tax Treatments' on 7 June 2017. |
| IAS 12 — Deferred tax related to assets and liabilities arising from a single transaction | Completed 2021. The IASB issued 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)' on 7 May 2021. |
| IAS 12 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 12 'Income Taxes' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 12 — OECD pillar two model rules | Completed 2023. The IASB issued 'International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)' on 23 May 2023. |
| IAS 12 — Recognition of deferred tax assets for unrealised losses | Completed 2016. The IASB issued 'Recognition of Deferred Tax Assets for Unrealised Losses' on 19 January 2016. |
| IAS 12 — Recovery of underlying assets | Completed 2010. The IASB issued 'Deferred Tax: Recovery of Underlying Assets (Amendments to IAS 12)' on 20 December 2010. |
| IAS 14 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 14 'Segment Reporting' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 16 — Proceeds before intended use | Completed 2020. The IASB issued 'Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)' on 14 May 2020. |
| IAS 16 – Contingent pricing of property, plant and equipment | Discontinued 2011. Originally an IFRS Interpretations Committee project considering a request for guidance on how to account for contingent payments for the separate purchases of property, plant and equipment (PPE). |
| IAS 16 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 16 'Property, Plant and Equipment' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 16 — Stripping costs in the production phase of a mine | Completed 2011. IFRIC 20 'Stripping Costs in the Production Phase of a Surface Mine' was issued on 19 October 2011. |
| IAS 16/IAS 38 — Acceptable methods of depreciation and amortisation | Completed 2014. The IASB issued 'Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)' on 12 May 2014. |
| IAS 17 – Determining whether an arrangement contains a lease | Completed 2004. IFRIC 4 'Determining Whether an Arrangement Contains a Lease' was issued on 2 December 2004. |
| IAS 17 – Sales and leasebacks with repurchase rights | Discontinued 2007. IFRIC formally removed this issue from its agenda at its March 2007 meeting. |
| IAS 17 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 17 'Leases' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 18 — Customer loyalty programmes | Completed 2007. IFRIC 13 'Customer Loyalty Programmes' was issued on 28 June 2007. |
| IAS 18 — Guidance on identifying agency relationships | Discontinued 2007. IFRIC removed this matter from its agenda and referred it to the IASB for resolution as part of the annual improvements process. |
| IAS 18 — Initial fees received by a fund manager | Discontinued 2007. IFRIC could not reach consensus on this matter and removed the issue from its agenda at its January 2007 meeting. |
| IAS 18 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 18 'Revenue' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 18 — Sales of real estate | Completed 2008. IFRIC 15 'Agreements for the Construction of Real Estate' was issued on 3 July 2008. |
| IAS 18 — Transfers of assets from customers | Completed 2009. IFRIC 18 'Transfers of Assets from Customers' was issued on 29 January 2009. |
| IAS 19 — Actuarial gains and losses, group plans and disclosures | Completed 2004. Amendments to IAS 19 'Employee Benefits' were issued on 16 December 2004. |
| IAS 19 — Allocation of benefits to periods of service | Discontinued 2003. IFRIC reaffirmed its decision not to address this issue at its December 2003 meeting. |
| IAS 19 — Changes in employment benefits and actuarial assumptions | Discontinued 2002. After initial background discussions, IFRIC removed this issue from its agenda at its February 2002 meeting. |
| IAS 19 — Discount rate | A project to clarify the determination of the discount rate used when applying IAS 19 'Employee Benefits', particularly around the requirement to use market yields on high quality corporate bonds or government bonds. The IASB decided at its 2013 December meeting that currently no further work is planned on the project. |
| IAS 19 — Distinction between curtailments and past service cost | Discontinued 2007. IFRIC removed this topic from its agenda in May 2007 and the issue was instead dealt with as part of the IASB's 2006-2008 cycle of annual improvements. |
| IAS 19 — Distinguishing between defined benefit and defined contribution plans (hybrid plans) | Discontinued 2006. IFRIC referred this matter to the IASB for resolution. |
| IAS 19 — Effect of minimum funding requirements on asset ceiling | Completed 2007. IFRIC 14 'IAS 19 - The Asset Ceiling: Availability of Economic Benefits and Minimum Funding Requirements' was issued on 4 July 2007. |
| IAS 19 — Employee benefit plans with a promised return on contributions or notional contributions | Discontinued 2014. After previously issuing a Draft Interpretation and discontinuing this project at its November 2006 meeting, the IFRS Interpretations Committee reactivated this project in May 2012, but later again removed it from its agenda in May 2014 after the Committee could not reach a consensus on a solution to improve the financial reporting for employee benefit plans with a guaranteed return on contributions or notional contributions. |
| IAS 19 — Employee contributions to defined benefit plans | Completed 2013. The IASB issued 'Defined Benefit Plans: Employee Contributions (Amendments to IAS 19)' on 21 November 2013. |
| IAS 19 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 19 'Employee Benefits' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 19 — Multiemployer plan exemption | Discontinued 2004. The issues became part of of the amendments to IAS 19 'Employee Benefits' issued in December 2004. |
| IAS 19 — Termination benefits | Completed 2011. The IASB issued an amended IAS 19 'Employee Benefits' on 16 June 2011. |
| IAS 19 — The asset ceiling | Completed 2002. An amendment to IAS 19 'Employee Benefits' was issued on 31 May 2002. |
| IAS 20 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 20 'Accounting for Government Grants and Disclosure of Government Assistance' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 21 — Foreign currency transactions and advance consideration | Completed 2016. The IASB issued IFRIC 22 'Foreign Currency Transactions and Advance Consideration' on 8 December 2016. |
| IAS 21 — Hedging a net investment | Completed 2008. IFRIC 16 'Hedges of a New Investment in a Foreign Operation' was issued on 3 July 2008. |
| IAS 21 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 21 'The Effects of Changes in Foreign Exchange Rates' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 21 — Lack of exchangeability | Completed 2023. The IASB issued 'Lack of Exchangeability (Amendments to IAS 21)' on 15 August 2023. |
| IAS 23 – US GAAP convergence project | Completed 2007. A revised IAS 23 'Borrowing Costs' was issued on 29 March 2007. |
| IAS 23 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 23 'Borrowing Costs' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 24 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 24 'Related Party Disclosures' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 24 — State controlled entities and definition of 'related party' | Completed 2009. The IASB issued a revised IAS 24 'Related Party Disclosures' on 4 November 2009. |
| IAS 26 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 26 'Accounting and Reporting by Retirement Benefit Plans' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 27 – Control by a fiduciary | Discontinued 2004. IFRIC removed this issue from its agenda at its May 2004 meeting as the IASB will consider the matter as part of its project on consolidation. |
| IAS 27 — Equity method in separate financial statements | Completed 2014. The IASB issued 'Equity Method in Separate Financial Statements (Amendments to IAS 27)' on 12 August 2014. |
| IAS 27 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 27 together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 27 — Non-cash distributions | Completed 2008. IFRIC 17 'Distributions of Non-cash Assets to Owners' was issued on 27 November 2008. |
| IAS 28 — Long-term interests in associates and joint ventures | Completed 2017. The IASB issued 'Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28)' on 12 October 2017. |
| IAS 28 — Elimination of gains arising from 'downstream' transactions | A narrow scope project to amend IAS 28 'Investments in Associates and Joint Ventures' (2011) to clarify that an eliminated gain on a downstream transaction with an associate or joint venture that exceeds the carrying amount of the entity’s investment in the entity should be presented as a deferred gain. This project will not be finalised. Instead the IASB issued amendments deferring the effective date of the September 2014 amendments to IAS 28, IFRS 10 and IFRS 12 on 17 December 2015. |
| IAS 28 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 28 together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 28 — Reflecting other net asset changes when applying the equity method of accounting | Discontinued 2014. In light of insufficient members in favour of approving finalised amendments at the IASB's May 2014 meeting, the IASB will not proceed with the originally proposed amendments to provide guidance on whether and where an investor should account for its share of the changes in the net assets of the associate that are not recognised in profit or loss or other comprehensive income (OCI) of the associate (i.e. ‘other net asset changes’). |
| IAS 29 – First-time adoption of IAS 29 | Completed 2005. IFRIC 7 'Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies' was issued on 24 November 2005. |
| IAS 29 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 29 'Financial Reporting in Hyperinflationary Economies' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 31 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 31 'Interests in Joint Ventures' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 32 – Classification of rights issues | Completed 2009. 'Classification of Rights Issues (Amendment to IAS 32)' was issued on 8 October 2009. |
| IAS 32 – Classification of instruments denominated in a foreign currency | Discontinued 2006. IFRIC removed this issue from its agenda at its November 2006 meeting after the IASB rejected its proposed amendment to IAS 32. |
| IAS 32 – Puttable financial instruments | Completed 2008. The IASB issued 'Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to IAS 32 and IAS 1)' on 14 February 2008. |
| IAS 32 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 32 'Financial Instruments: Presentation' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 32 — Members' shares in co-operative entities | Completed 2004. IFRIC 2 'Members' Shares in Co-operative Entities and Similar Instruments' was issued on 25 November 2004. |
| IAS 32 — Put options over non-controlling interests (NCIs) | Discontinued as a project in its own right in 2014. The issues will now be discussed as part of the project 'Financial instruments with characteristics of equity'. |
| IAS 32/IAS 39 – Improvements to IASC financial instruments standards | Completed 2003. Revised versions of IAS 32 'Financial Instruments: Disclosure and Presentation' and IAS 39 'Financial Instruments: Recognition and Measurement' were issued on 17 December 2003. |
| IAS 33 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 33 'Earnings Per Share' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 34 — Disclosures in interim reporting periods | Completed 2010. 'Annual Improvements to IFRSs 2010' was issued on 6 May 2010, clarifying the nature of disclosures required in interim reporting periods. |
| IAS 34 — Interaction with IAS 36 and IAS 39 | Completed 2006. IFRIC 10 'Interim Financial Reporting and Impairment' was issued on 20 July 2006. |
| IAS 34 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 34 'Interim Financial Reporting' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 36 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 36 'Impairment of Assets' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 36 — Recoverable amount disclosures for non-financial assets | Completed 2013. The IASB issued 'Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36)' on 29 May 2013. |
| IAS 37 — Changes in decommissioning, restoration, and similar liabilities | Completed 2004. IFRIC 1 'Changes in Existing Decommissioning, Restoration and Similar Liabilities' was issued on 27 May 2004. |
| IAS 37 — Interests in decommissioning and environmental rehabilitation funds | Completed 2004. IFRIC 5 'Rights to Interests Arising from Decommissioning, Restoration and Environmental Funds' was issued on 15 December 2004. |
| IAS 37 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 37 'Provisions, Contingent Liabilities and Contingent Assets' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 37 — Obligating event in the light of the EU Directive on waste electrical and electronic equipment | Completed 2005. IFRIC 6 'Liabilities Arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment' was issued on 1 September 2005. |
| IAS 37 — Onerous contracts | Completed 2020. The IASB issued 'Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)' on 14 May 2020. |
| IAS 37/IFRIC 6 — Levies charged for participation in a market on a specified date | Completed 2013. The IASB issued IFRIC 21 'Levies' on 20 May 2013. |
| IAS 38 — Compliance costs for 'REACH' | This IFRIC project has been discontinued. The project was to consider how to account for costs incurred to comply with the requirements of the European Commission Regulation concerning the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH). After many months of deliberations, IFRIC decided not to take this issue onto its agenda at its May 2009 meeting. |
| IAS 38 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 38 'Intangible Assets' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 39 — Cash flow hedge accounting of forecast intragroup transactions | Completed 2005. The IASB issued 'Cash Flow Hedge Accounting of Forecast Intragroup Transactions (Amendments to IAS 39)' on 14 April 2005. |
| IAS 39 — Exposures qualifying for hedge accounting | Completed 2008. The IASB issued 'Eligible Hedged Items (Amendment to IAS 39)' on 30 July 2008. |
| IAS 39 — Fair value option | Completed 2005. The IASB issued 'The Fair Value Option (Amendments to IAS 39)' on 15 June 2005. |
| IAS 39 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 39 'Financial Instruments: Recognition and Measurement' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 39 — Macro hedging | Completed 2004. 'Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk (Amendments to IAS 39)' was issued on 31 March 2004. |
| IAS 39 — Reassessment of embedded derivatives | Completed 2006. IFRIC 9 'Reassessment of Embedded Derivatives' was issued on 1 March 2006. |
| IAS 39 — Transition and day 1 profit recognition | Completed 2004. The IASB issued 'Transition and Initial Recognition of Financial Assets and Financial Liabilities' on 17 December 2004. |
| IAS 39/IAS 32 — Debt to equity swaps | Completed 2009. IFRIC 19 'Extinguishing Financial Liabilities with Equity Instruments' was issued on 26 November 2009. |
| IAS 39/IAS 37 – Credit risk in liability measurement | Discontinued 2009. In October 2009, the IASB decided to stop work on this project as a separate project and, instead, to consider the issues in the Conceptual Framework – Measurement project. |
| IAS 39/IFRS 4 – Financial guarantee contracts and credit insurance | Completed 2005. The IASB issued 'Financial Guarantee Contracts (Amendments to IAS 39 and IFRS 4)' on 18 August 2005. |
| IAS 39/IFRS 7 – Reclassification of financial assets | Completed 2008 and amended in 2009. The IASB issued 'Reclassification of Financial Assets (Amendments to IAS 39 and IFRS 7)' on 13 October 2008 and 'Embedded Derivatives (Amendments to IFRIC 9 and IAS 39)' on 12 March 2009. |
| IAS 39/IFRS 9 — Novation of OTC derivatives and continuing designation for hedge accounting | Completed 2013. The IASB issued 'Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39)' on 27 June 2013, with an effective date of 1 January 2014. |
| IAS 40 — Transfers of investment property | Completed 2016. The IASB issued 'Transfers of Investment Property (Amendments to IAS 40)' on 8 December 2016. |
| IAS 40 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 40 'Investment Property' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IAS 41 — Bearer plants | Completed 2014. The IASB issued 'Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)' on 30 June 2014. |
| IAS 41 — Fair value measurement issues in agriculture | Discontinued 2007. IFRIC removed this topic from its agenda in 2007, in favour of recommending to the IASB that the matters considered be included in the annual improvements process. |
| IAS 41 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IAS 41 'Agriculture' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IASB-FASB convergence | An overarching joint IASB-FASB project designed to eliminate a variety of differences between IFRS and US GAAP. |
| IBOR reform and the effects on financial reporting — Phase 1 | Completed 2019. The IASB issued 'Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7)' on 26 September 2019. |
| IBOR reform and the effects on financial reporting — Phase 2 | Completed 2020. The IASB issued 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)' on 27 August 2020. |
| IFRIC 9 — Scope of IFRIC 9 and revised IFRS 3 | Completed 2009. After initially being exposed in a separate exposure draft, an amendment to IFRIC 9 was included in 'Improvements to IFRSs', issued on 16 April 2009. |
| IFRIC 14 — Voluntary prepaid contributions under a minimum funding requirement | Completed 2009. The IASB issued 'Prepayments of a Minimum Funding Requirement (Amendments to IFRIC 14)' on 26 November 2009. |
| IFRIC 15 — Meaning of 'continuous transfer' | An IFRIC Interpretations Committee project to consider whether decisions reached in the IASB's revenue recognition project could provide insight into clarification of the meaning of "continuous transfer" under IFRIC 15 'Agreements for the Construction of Real Estate'. |
| IFRIC 16 — Amendment to the restriction on the entity that can hold hedging instruments | Completed 2009. An amendment to IFRIC 16 was included in 'Improvements to IFRSs', issued on 16 April 2009. |
| IFRIC 21 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRIC 21 'Levies' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IFRS 1 — Additional exemptions for first-time adopters | Completed 2009. The IASB issued 'Additional Exemptions for First-time Adopters (Amendments to IFRS 1)' on 23 July 2009. |
| IFRS 1 — Exemption from comparative IFRS 7 disclosures | Completed 2010. The IASB issued 'Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1)' on 28 January 2010. |
| IFRS 1 — Government loans | Completed in 2012. The IASB issued 'Government Loans (Amendments to IFRS 1)' on 13 March 2012. |
| IFRS 1 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 1 'First-time Adoption of International Financial Reporting Standards' together with the Committee's public explanation of the reasons for not adding those items to its agenda. |
| IFRS 1 — Replacement of 'fixed dates' | Completed 2010. The IASB issued 'Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters' on 20 December 2010. |
| IFRS 1 — Severe hyperinflation | Completed 2010. The IASB issued 'Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters' on 20 December 2010. |
| IFRS 1/IAS 27 – Cost of a subsidiary in separate financial statements | Completed 2008. The IASB issued 'Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 and IAS 27)' on 22 May 2008. |
| IFRS 2 — Changes in contributions to employee stock purchase plans (ESPPs) | Discontinued 2005. IFRIC removed this topic from its agenda at its December 2005 meeting. |
| IFRS 2 — Clarifications of classification and measurement of share based payment transactions | Completed 2016. The IASB issued 'Clarifications to IFRS 15 'Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2)' on 20 June 2016. |
| IFRS 2 — Entity termination of an employee's employment | An IFRS Interpretations Committee project considering the accounting treatment in IFRS 2 'Share-based Payment' of share-based payment awards when the entity terminates the employment of an employee. |
| IFRS 2 — Group cash-settled share-based payment arrangements | Completed 2009. The IASB issued 'Group Cash-settled Share-based Payment Transactions (Amendments to IFRS 2)', and withdrew IFRIC 8 and IFRIC 11, on 18 June 2009. |
| IFRS 2 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 2 'Share-based Payments' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 2 — Research project on share-based payments | Discontinued. A summary of the research results was published on 31 October 2018. |
| IFRS 2 — Scope of IFRS 2 | Completed 2006. IFRIC 8 'Scope of IFRS 2' was issued on 12 January 2006 |
| IFRS 2 — Treasury share transactions and group transactions | Completed 2006. IFRIC 11 'IFRS 2 – Group and Treasury Share Transactions' was issued on 2 November 2006. |
| IFRS 2 — Vesting and non-vesting conditions | A project to clarify the definition of 'vesting conditions' and 'non-vesting conditions' in IFRS 2 'Share-based Payments'. |
| IFRS 3 — Definition of a business | This project aims at resolving the difficulties that arise when an entity is determining whether it has acquired a business or a group of assets. An exposure draft was published on 28 June 2016 with comments requested by 31 October 2016. |
| IFRS 3 — Items not added to the agenda | A summary of IFRS Interpretations Committee issues related to IFRS 3 'Business Combinations' which were not taken onto the agenda. |
| IFRS 3 — Updating a reference to the Conceptual Framework | Completed 2020. The IASB issued 'Reference to the Conceptual Framework (Amendments to IFRS 3)' on 14 May 2020. |
| IFRS 3/IFRS 11 — Remeasurement of previously held interests | This project has been completed. The proposed amendments were finalised as part of the annual improvements 2015-2017 on 12 December 2017. |
| IFRS 4 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 4 'Insurance Contracts' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 5 — Definition of 'discontinued operations' | On hold. Originally a joint IASB-FASB project to develop a common definition of, and common disclosures about, discontinued operations. This project is currently on hold pending an IASB staff review to develop a recommended course of action. |
| IFRS 5 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 6 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 6 'Exploration for and Evaluation of Mineral Resources' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 7 — Disclosures about investments in debt instruments | Abandoned 2009. On the basis of constituent feedback on Exposure Draft 'Investments in Debt Instruments (Proposed Amendments to IFRS 7)', the IASB decided, at its January 2009 meeting, to abandon the proposals for the time being and to add the issues the ED aimed to address to the project on a comprehensive review of financial instruments. |
| IFRS 7 — Improved disclosures about financial instruments | Completed 2009. The IASB issued 'Improving Disclosures about Financial Instruments (Amendments to IFRS 7)' on 5 March 2009. |
| IFRS 7 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 7 'Financial Instruments: Disclosures' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 8 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 8 'Operating Segments' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 9 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 9 'Financial Instruments' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 9 — Prepayment features with negative compensation | Completed 2017. The IASB issued 'Prepayment Features with Negative Compensation (Amendments to IFRS 9)' on 12 October 2017. |
| IFRS 10 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 10 'Consolidated Financial Statements' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 10 — Transitional requirements | Completed 2012. The IASB issued 'Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance' on 28 June 2012. |
| IFRS 10/IAS 28 — Investment entity amendments | Completed 2014. The IASB issued 'Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)' on 18 December 2014. |
| IFRS 10/IAS 28 — Sales or contributions of assets between an investor and its associate/joint venture | Completed 2014. The IASB issued 'Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)' on 11 September 2014. |
| IFRS 11 — Acquisition of an interest in a joint operation | Completed 2014. The IASB issued 'Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11)' on 6 May 2014. |
| IFRS 11 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 11 'Joint Arrangements' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 12 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 12 'Disclosure of Interests in Other Entities' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 13 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 13 'Fair Value Measurements' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 13 — Unit of account | This project has been discontinued. At its January 2016 meeting the IASB decided to continue work in this area as part of the post-implementation review of IFRS 13. The review is expected to take place during 2016. |
| IFRS 14 — Items not added to the agenda | A summary of items not added to the IFRS Interpretations Committee's agenda in relation to IFRS 14 'Regulatory Deferral Accounts' and the Committee's public explanation of the reasons for not adding the item to its agenda. |
| IFRS 16 — Lease liability in a sale and leaseback | Completed 2022. The IASB issued 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' on 22 September 2022. |
| IFRS 16 and COVID-19 | Completed 2020. The IASB issued 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)' on 28 May 2020. |
| IFRS 16 and COVID-19 — Extension of practical expedient | Completed 2021. The IASB issued 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' on 31 March 2021. |
| IFRS for small and medium-sized entities | Completed 2009. The IASB issued 'IFRS for Small and Medium-sized Entities' on 9 July 2009. |
| IFRS for SMEs — Comprehensive review 2012-2014 | This project has been completed. The IASB issued '2015 Amendments to the IFRS for SMEs' on 21 May 2015. |
| IFRS for SMEs — OECD pillar two model rules | Completed 2023. The IASB issued 'International Tax Reform — Pillar Two Model Rules (Amendments to the 'IFRS for SMEs' Standard)' on 29 September 2023. |
| Impairment of assets | This project is currently inactive. Initiated as a joint IASB-FASB project to develop a common approach to the impairment of assets. |
| Initial application of IFRS 17 and IFRS 9 ― Comparative information | This project has been concluded. Final amendments were issued on 9 December 2021. |
| Insurance contracts — Comprehensive project | Completed 2017. The IASB issued IFRS 17 'Insurance Contracts' on 18 May 2017. |
| Insurance contracts — Phase I | Completed 2004. IFRS 4 'Insurance Contracts' was issued on 31 March 2004. |
| International applicability of the SASB standards | This project has been completed. The ISSB issued amendments to the SASB standards on 19 December 2023. |
| ISSB consultation on agenda priorities | The agenda consultation was concluded on 24 June 2024 by releasing a feedback statement. |
| Joint arrangements | Completed 2011. The IASB issued IFRS 11 'Joint Arrangements' on 12 May 2011, requiring the use of equity accounting for joint ventures and removing the focus on legal form when assessing arrangements. |
| Leases (IFRS 16) | Completed 2016. IFRS 16 'Leases' was issued on 13 January 2016. |
| Management commentary | Completed 2010. The IASB issued IFRS Practice Statement 'Management Commentary' on 8 December 2010. |
| Narrative Reporting Regulations | The Financial Reporting Council (FRC) has published guidance to assist directors of listed companies to apply the Strategic Report requirements set out in The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 (the “narrative reporting regulations”). |
| New UK GAAP - FRS 100 - 102 | FRS 100, FRS 101 and FRS 102 have been issued by the FRC and are applicable for accounting periods beginning on or after 1 January 2015 with earlier application permitted. |
| New UK GAAP - FRS 103 | For UK entities applying that standard, FRS 102 includes a definition of an 'insurance contract' but does not set out the accounting required for such a contract. Instead, a separate standard FRS 103 "Insurance Contracts" issued by the FRC in March 2014 contains specific accounting requirements for that have insurance contracts (including reinsurance contracts) and are applying FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. The standard is also applicable to entities applying FRS 102 who issue financial instruments with a discretionary participation feature. FRS 103 is applicable for accounting periods beginning on or after 1 January 2015. Early application is permitted, provided the entity also applies FRS 102 from the same date and discloses this fact that it has applied FRS 103 early. |
| Periodic review of FRS 102 | The Financial Reporting Council (FRC) issued a request for views to inform the periodic review of FRS 102 on 23 March 2021. |
| Post-employment benefits — Discount rate | Discontinued 2009. The IASB had originally proposed to eliminate the requirement to use yields on government bonds in measuring post-employment benefits, instead requiring the estimation of the yield on high quality corporate bonds. The IASB did not finalise the amendment on the basis of constituent feedback. |
| Post-employment benefits – Amendments to IAS 19 | Completed 2011. A revised IAS 19 'Employee Benefits' was issued on 16 June 2011, eliminating options on accounting for actuarial gains and losses on pensions and similar items, and related improvements. |
| Post-implementation review — IFRS 3 | Completed 2015. The IASB published Report and Feedback Statement 'Post-implementation Review of IFRS 3 Business Combinations' on 17 June 2015. |
| Post-implementation review — IFRS 8 | Completed 2013. The IASB published Report and Feedback Statement 'Post-implementation Review: IFRS 8 Operating Segments' on 18 July 2013. An exposure draft of changes resulting from the review is expected in the third quarter of 2015. |
| Post-implementation review — IFRS 10, IFRS 11, and IFRS 12 | Completed 2022. The IASB published 'Project Report and Feedback Summary 'Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12'' on 20 June 2022. |
| Post-implementation review — IFRS 13 | Completed 2018. The IASB published 'IFRS Project Report and Feedback Statement: Post-implementation Review of IFRS 13 'Fair Value Measurement'' on 14 December 2018. |
| Post-implementation review — IFRS 15 | Completed 2024. The IASB published 'Project Summary and Feedback Statement: Post-implementation Review IFRS 15 'Revenue from Contracts with Customers'' on 30 September 2024. |
| Post-implementation review — IFRS 9 (Classification and measurement) | Completed 2022. The IASB published 'IFRS Project Report and Feedback Statement: Post-implementation Review of IFRS 9 'Financial Instruments' — Classification and Measurement' on 21 December 2022. |
| Post-implementation review — IFRS 9 (Impairment) | Completed 2024. The IASB published 'Project Summary and Feedback Statement: Post-implementation Review IFRS 9 'Financial Instruments' — Impairment' on 4 July 2024. |
| Preface to International Financial Reporting Standards | Completed 2001. 'Preface to International Financial Reporting Standards' was issued on on 23 May 2002. |
| Primary financial statements | This project has been completed. The IASB published IFRS 18 'Presentation and Disclosure in Financial Statements' on 9 April 2024. |
| Rate-regulated activities — Interim standard | Completed 2014. IFRS 14 'Regulatory Deferral Accounts' was issued on 30 January 2014. |
| Reporting comprehensive income (performance reporting) | Discontinued 2004. The IASB and FASB agreed that, in the interests of convergence, a project on this topic should be conducted jointly. These discussions are covered in the 'financial statement presentation' project. |
| Revenue recognition | Completed 2014. IFRS 15 'Revenue from Contracts with Customers' was issued on 28 May 2014. |
| Segment reporting — Convergence issues | Completed 2006. The IASB issued IFRS 8 'Operating Segments' on 30 November 2006. |
| Share-based payments | Completed 2004. IFRS 2 'Share-based Payment' was issued on April 2004. |
| Supplier finance arrangements | Completed 2023. The IASB issued 'Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)' on 25 May 2023. |
| UK corporate governance Code (2023 consultation) | In May 2023, the Financial Reporting Council (FRC) launched a public consultation on proposed revisions to the UK Corporate Governance Code ("the Code"). Following a period of consultation a new Code was issued on 22 January 2024 with supporting guidance issued shortly thereafter. |
| UK Corporate Governance Code | The Financial Reporting Council (FRC), in July 2018, published a new UK Corporate Governance Code together with revised Guidance on Board Effectiveness. The new Code applies for periods commencing on or after 1 January 2019. |
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