IASB issues work plan update
29 May 2015
Following its May meeting, the IASB has updated its work plan. The revised plan adds a new project on 'Changes in accounting policies and estimates', moves the Exposure Draft on 'Clarifications to IFRS 15' and the Draft Interpretation on 'Uncertainties in income taxes' back by one quarter, and introduces a new format for reporting on the progress in research projects.
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 | Exposure draft* | ||
Financial instruments — Macro hedge accounting | Comment letter analysis | Redeliberations | Q2 2015 |
Insurance contracts | Revised exposure draft | Redeliberations | Q2 2015 |
Leases | Revised exposure draft | 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 5 May 2015.
Updates regarding the implementation and research projects include:
- The target Exposure Draft on clarifications to IFRS 15 is now expected in the third quarter of 2015 (was second quarter).
- The Draft Interpretation on uncertainties in income taxes is now expected in the third quarter of 2015 (was second quarter).
- The research projects have been reordered in the following categories:
- Development phase
- Assessment phase
- Exploratory phase
- PIR follow-up work
- Completed work
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.
Related Topics
- Financial reporting in high inflationary economies
- Foreign currency translation
- Changes in accounting policies and estimates
- Goodwill and impairment
- IFRS 3 — Definition of a business
- IAS 12 — Accounting for uncertainties in income taxes
- Clarifications to IFRS 15: Issues emerging from TRG discussions
- Conceptual Framework — Comprehensive IASB project