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IASB issues work plan update

  • IASB (International Accounting Standards Board) Image

Mar 26, 2015

After its March meeting, the IASB has updated its work plan. We summarize the changes for you, which also included changes the IASB made to the February 26, 2015, work plan after it was published. Most notable changes are delays in the conceptual framework project and in the principles of disclosure project as well as a new project on clarifications to IFRS 15.

Current status

The revised timetable for the major projects is now as follows:

Project Current status Next project step Expected timing

Conceptual Framework — Comprehensive IASB project

Redeliberations

Exposure draft

Q2 2015*

Financial instruments — Macro hedge accounting

Comment letter analysis

Redeliberations

Q2 2015*

Insurance contracts

Reexposure

Redeliberations

Q2 2015*

Leases

Reexposure

Target IFRS

H2 2015

Disclosure initiative — Principles of disclosure

Board discussion

Target discussion paper

Q4 2015*

Disclosure initiative — Reconciliation of liabilities from financing activities

ED

Public consultation

Q2 2015*

IFRS for SMEs — Comprehensive review

Redeliberations

Target IFRS

Q2 2015

Rate-regulated activities

Discussion paper

Board discussion

Q2 2015*

* Indicates a change since the previous work plan update on February 26, 2015. The changes were introduced by the IASB as silent updates to the February work plan or as regular updates after the March meeting.

Minor updates regarding the implementation projects (deliberations continuing or moved slightly) affect IAS 1 — Classification of liabilities, IFRS 13 — Unit of account, and IAS 12 — Recognition of deferred tax assets for unrealised losses. In addition, a new project, Clarifications to IFRS 15: Issues emerging from TRG discussions, has been added to the IASB's work plan.

Regarding research projects, board discussions on Disclosure initiative — Disclosure review will now extend into the second quarter of 2015. Also, new projects have tentatively been introduced on the definition of a business and goodwill.

The revised IASB work plan is available on the IASB's Web site. We have updated our project pages to reflect the updated work plan and other known developments.

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