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):

* 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.

The taxonomy updates contain additional taxonomy concepts that reflect new IFRSs and improvements to IFRSs, technical updates, and corrections. This update includes taxonomy elements for entities in the information technology, media, chemicals and utilities industries. The IFRS Foundation published Proposed Update 1 to the IFRS Taxonomy on 17 June 2015.

Comments on Updates 1 and 2 to the IFRS taxonomy are due by 17 August and 30 October 2015, respectively.

For more information, see the press release on the IASB’s website.

IFRS 9 becomes effective for annual periods beginning on or after 1 January 2018, with earlier application permitted. As part of the public consultation on its draft endorsement advice on IFRS 9, EFRAG wished to gain more insight into the impact on users of the non-alignment of the effective dates of IFRS 9 and the future insurance contract standard, and further, on the advantages and drawbacks of a potential deferral of the effective date of IFRS 9 for insurance businesses.

EFRAG organised an outreach event for users that are following the insurance industry in order to gain a better understanding of the views of individual users.  In total 28 users were interviewed. 

The large majority (89%) expressed a preference of having both IFRS 9 and the future insurance contracts standard implemented by the insurance industry at the same time in a “big bang” approach.  Some had a preference for accelerating the implementation of the future insurance contracts standard or were neutral on a deferral of the effective date for the insurance industry.  Two thirds supported a deferral of the effective date of IFRS 9 for insurers with only 11% against.

The press release and full feedback statement are available on the EFRAG website.