IASB updates work plan
23 Nov 2015
Following its November 2015 meeting, the IASB has updated its work plan. As mentioned before, directly tracing the Board's progress on the individual projects has become impossible since the change of the work plan format in July, unless the Board makes definite progress or has to make larger corrections. Of these, a few can be identified in the November work plan.
On major projects, the Board notes no changes, which means that for all of these projects the next project steps may or may not have been pushed back by one month since the last work plan update.
Updates regarding the implementation projects are several:
- The changes regarding the Annual improvements 2014–2016 reflect that the IASB published an exposure draft last week. A decision on the project direction is now expected within six months.
- Clarifications arising from the post-implementation review of IFRS 8 have suffered a setback. An exposure draft is no longer expected within three months but within six months.
- The same holds true for definition of a business - a project that arose from the post-implementation review of IFRS 3. Here also, an exposure draft is no longer expected within three months but within six months.
- As the Board decided last week to finalise the amendment deferring the effective date of amendments to IFRS 10 and IAS 28 indefinitely, the corresponding project will see a finalised amendment "within three months" (for the deferral to make sense, the finalised amendment needs to be published on or before 31 December 2015).
- Recognition of deferred tax assets for unrealised losses is making progress. Finalised amendments are no expected within three months, no longer within six months.
- The changes regarding the transfers of investment property reflect that the IASB published an exposure draft last week. A decision on the project direction is now expected within six months.
- Also, the project on the classification and measurement of share-based payment transactions has been changed in colour to red to indicate that an IFRS is being developed. This is in line with the IASB decisions last week, even though the work plan still only notes "Analysis" and announced a decision on the project direction within three months.
Finally, two research projects have been updated:
- On post-employment benefits, the IASB decided last week to wait for the outcome of the agenda consultation, therefore next steps are on hold.
- Similarly, next steps in the research project on share-based payments are on hold as the IASB decided last week to also wait for the outcome of the agenda consultation before proceeding with this project.
The revised IASB work plan is available on the IASB's website.
Related Topics
- Clarifications arising from the post-implementation review of IFRS 8
- IAS 12 — Accounting for uncertainties in income taxes
- IAS 12 — Recognition of deferred tax assets for unrealised losses
- IAS 21 — Foreign currency transactions and advance consideration
- IAS 28 — Elimination of gains arising from 'downstream' transactions
- IFRS 2 — Clarifications of classification and measurement of share based payment transactions
- IFRS 2 — Research project on share-based payments
- Post-employment benefits — Comprehensive project
- Post-implementation review — IFRS 3
- Annual improvements — 2014-2016 cycle
- IFRS 3 — Definition of a business
- IAS 40 — Transfers of investment property
