Work Plan

Date recorded:

Update (Agenda Paper 8)

In this session, the staff provided an update on the IASB’s work plan since the last update in December 2022. The purpose of the session 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 assessment of overall progress on the work plan, including project prioritisation and timing.

The IASB was not asked to make any decisions.

Completed Projects

In December 2022, the IASB published its project report and feedback statement concluding the post-implementation Review (PIR) of the classification and measurement requirements in IFRS 9

In March 2023, the IASB published its project report and feedback statement on the Disclosure Initiative—Targeted Standards-level Review of Disclosures project.

New Projects

The Climate-related Risks in the Financial Statements project was made active (that is, moved from the maintenance project pipeline to the maintenance project work plan).

At future meetings, the IASB will discuss the start of projects on its pipeline. Consistent with discussions as part of the IASB’s Third Agenda Consultation, the start date of these projects depends on stakeholder and IASB capacity, and the nature of the projects. IASB pipeline projects are:

  • Intangible assets
  • Statement of cash flows and related matters
  • Amortised cost measurement
  • Sale and leaseback of an asset in a single-asset entity (IFRS 10 and IFRS 16)

Expected project completions in the next six months

The staff expect that the IASB will issue the amendments for the following maintenance projects towards the end of May 2023:

  • International Tax Reform—Pillar Two Model Rules
  • Supplier Finance Arrangements

The staff expects that the IASB will issue the amendments for the Lack of Exchangeability project in August or September 2023.

Estimated publication date for consultation documents

The staff expect that the IASB will issue the following consultation documents over the next six months:

  • Request for Information (RFI)—PIR of IFRS 15—Revenue from Contracts with Customers—July 2023
  • RFI—PIR of impairment requirements in IFRS 9—Financial Instruments—June 2023

IASB discussion

One IASB member said that there has been feedback from stakeholders that the consultation period for the RFI on the PIR of IFRS 15 is not ideal and therefore, the sooner the RFI can be published, the better.

The Chair said that an initial review of the comment letters on the International Tax Reform project revealed requests for more changes. However, he reminded the staff that this project is only trying to address a specific problem and bring at least some transparency.

No decisions were made.

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