IASB issues work plan update, changes presentation
05 Aug 2015
Following its July meeting, the IASB has updated its work plan. It has also changed the presentation so that a direct comparison with the status as at 30 June is not easily possible as the attribution to quarters has been abandoned. However, some changes are obvious.
The following changes can be traced directly: (1) The new IFRS on insurance contracts is not expected until 2016; (2) an exposure draft on changes in accounting policies and estimates (disclosure initiative) will also be delayed to 2016; (3) also, discussion papers on macro hedging and on rate-regulated activities are not to be expected before 2016; (4) the IASB expects to issue final amendments on the implementation projects on the unit of account (expected not before 2016) and on the recognition of deferred tax assets for unrealised losses (late 2015 or early 2016); and (5) instead of finalising the project on the elimination of gains or losses arising from transactions between an entity and its associate or joint venture the IASB intends to issue an exposure draft proposing to defer the effective date of the September 2014 amendments to IAS 28, IFRS 10 and IFRS 12.
Current status
The revised timetable for the major projects is now as follows (please note that the IASB has changed its presentation format and is no longer referrring to quarters so tracing changes has become more difficult):
Project | Current status | Next project step | Expected timing |
---|---|---|---|
Conceptual Framework — Comprehensive IASB projec | Exposure draft | Decide project direction | Q1 2016 at the earliest |
Financial instruments — Macro hedge accounting | Comment letter analysis | Target discussion paper | Q1 2016 at the earliest* |
Insurance contracts | Revised exposure draft | Target IFRS | Q1 2016 at the earliest* |
Leases | Revised exposure draft | Target IFRS | Q4 2015 or Q1 2016* |
Disclosure initiative — Principles of disclosure | Board discussion | Target discussion paper | Q4 2015 or Q1 2016* |
Disclosure initiative — Changes in accounting policies and estimates | Board discussion | Target ED | Q1 2016 at the earliest* |
Disclosure initiative — Materiality | Board discussion | Draft Practice Statement | Q3 or Q4 2015* |
Rate-regulated activities | Discussion paper | Target discussion paper | Q1 2016 at the earliest* |
* Indicates a change since the previous work plan update on 30 June 2015 as far as can be told from the IASB's new approach, which now speaks of "within three months", "within six months" and "later".
Updates regarding the implementation and research projects include:
- The project on the elimination of gains or losses arising from transactions between an entity and its associate or joint venture will not see an ED, instead the IASB intends to issue an exposure draft proposing to defer the effective date of the September 2014 amendments to IAS 28, IFRS 10 and IFRS 12;
- final amendments on the project on the unit of account are expected not before 2016;
- final amendments on the project on the recognition of deferred tax assets for unrealised losses will be published late in 2015 or early in 2016;
- Two research projects have moved from the development phase to the assessment stage:
- Definition of a business;
- Goodwill and impairment.
- One research project has moved from the exploratory phase to the assessment stage: Income taxes.
- One research project has moved from the exploratory phase to inactive projects: Extractive activities/ Intangible assets/ R&D activities.
The revised IASB work plan is available on the IASB's Web site. The IASB has also published a work plan guide that explains the new presentation format. We have updated our project pages to reflect the updated work plan and other known developments.
Related Topics
- Financial instruments — Macro hedge accounting
- IAS 28 — Elimination of gains arising from 'downstream' transactions
- IFRS 13 — Unit of account
- Insurance contracts — Comprehensive project
- Leases (IFRS 16)
- Rate-regulated activities — Comprehensive project
- IAS 12 — Recognition of deferred tax assets for unrealised losses
- Conceptual Framework — Comprehensive IASB project
- IFRS 3 — Definition of a business
- Goodwill and impairment
- Changes in accounting policies and estimates
- Disclosure initiative — Principles of disclosure
- Disclosure initiative — Materiality