Update (Agenda Paper 8)

This paper provided an update on the IASB’s work plan since its last update in January 2022. The purpose of this paper was to provide a holistic view of the IASB’s technical projects to support decisions about whether to add or remove projects, as may be discussed in individual project papers and an assessment of overall progress on the work plan, including project prioritisation and timing.

The IASB was not asked to make any decisions.

Completed projects

• Availability of a Refund (amendments to IFRIC 14)—withdrawn
• Post-implementation Review (PIR) of IFRS 10, IFRS 11 and IFRS 12—completed, report and feedback statement still outstanding
• Pension Benefits that Depend on Asset Returns—completed with project summary

New projects recommended at this or future meetings

• High priority project on assessing a financial asset’s contractual cash flow characteristics
• Narrow-scope project on the interaction of IFRS 10 and IFRS 16 related to the sale of a subsidiary with a leaseback
• Project to revise the Due Process Handbook with regard to PIR objectives and possible outcomes
• Research project on intangible assets
• Research project on the statement of cash flows and related matters

Current projects

Expected final amendments in 2022

• Lease Liability in a Sale and Leaseback
• Non-current Liabilities with Covenants

Next consultation document

Exposure Draft (ED) resulting from the comprehensive review of the IFRS for SMEs Accounting Standard

Projects the IASB has not discussed recently

• Non-current Liabilities with Covenants: resume discussions in June 2022
• Supplier Finance Agreements: resume discussions in June 2022
• Targeted improvements to IAS 37: resume discussions in Q4 2022

Projects with changes to their timetables

Business Combinations—Disclosures, Goodwill and Impairment – decision about disclosures in Q3 2022 and about amortisation of goodwill in Q4 2022

IASB discussion

One IASB member raised a question with regard to the deferral of the effective date of the IAS 1 amendment Classification of Liabilities as Current or Non-Current from 2023 to 2024 as proposed in ED/2021/9 Non-current Liabilities with Covenants. He asked, if the IASB only resumes discussions in June 2022, whether the amendment could be finalised before the original effective date of 2023. The staff replied that this was the case, but the IASB would have to make a decision in June. This will already give an indication to preparers and regulators that the effective date will be moved. The IASB member expressed concern about the timeline as some jurisdictions have to endorse the amendment and asked if there was a plan to separate the effective date amendment from the rest of the amendments. The staff replied that they are confident to finalise the amendments in time for endorsement before 2023 if the IASB makes a decision in June. Otherwise, the staff will propose an alternative.

One IASB member asked why the staff recommend a narrow-scope project on the interaction of IFRS 10 and IFRS 16 related to the sale of a subsidiary with a leaseback when the IASB decided in the PIR of IFRS 10-12 not to do any projects on corporate wrappers. The staff said that this has been a referral from the Interpretations Committee and therefore a specific matter.