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IASB updates work plan

  • IASB (International Accounting Standards Board) Image

May 29, 2015

The IASB recently updated its work plan.

The revised plan adds a new project on changes in accounting policies and estimates, moves the issuance of the exposure draft (ED) Clar­i­fi­ca­tions to IFRS 15 and the draft in­ter­pre­ta­tion Un­cer­tain­ties in Income Taxes back by one quarter, and in­tro­duces a new format for reporting on the progress in research projects.

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

Project Current status Next project step Expected timing
Conceptual Framework — Comprehensive IASB project ED*
Financial instruments — Macro hedge accounting Comment letter analysis Redeliberations Q2 2015
Insurance contracts Reexposure Redeliberations Q2 2015
Leases Reexposure Target IFRS Q4 2015
Disclosure initiative — Principles of disclosure Board discussion Target discussion paper Q4 2015
Disclosure initiative — Changes in accounting policies and estimates Board discussion ED Q4 2015*
Disclosure initiative — Materiality Board discussion Draft practice statement Q3 2015
Rate-regulated activities Discussion paper Board discussion Q2 2015

* Indicates a change since the previous work plan update on May 5, 2015.

Minor updates to implementation and research projects include:

  • Moving the planned issuance of the ED on clarifications to IFRS 15 from the second to the third quarter of 2015.
  • Moving the planned issuance of the draft interpretation on uncertainties in income taxes from the second to the third quarter of 2015.
  • Reordering the research projects in the following categories:
    • Development phase.
    • Assessment phase.
    • Exploratory phase.
    • PIR follow-up work.
    • Completed work.

The PIR follow-up work consists of two research projects that the IASB has identified as a consequence of the IFRS 3 PIR (definition of a business, and goodwill); the next step in these projects has yet to be determined. Completed work consists of two projects in which the IASB has completed its initial assessment and has no current plans to undertake additional work (foreign currency translation, and high inflation). During reordering, the project on a standards-level review of disclosures (part of the disclosure initiative) was dropped from the work plan.

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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