IASB updates work plan
19 Feb 2016
Following its February 2016 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, only a few can be identified since the previous work plan. However, the IASB has begun to indicate the month which issuance of exposure drafts or final standards may occur.
On major projects, the only change the Board notes is that the Conceptual Framework project is currently in the analysis stage (previously in public consultation). The disclosure initiative — principles of disclosure project is currently in the drafting discussion paper stage (previously in analysis).
Updates regarding the implementation projects are:
- Annual improvements 2014-2016 — currently in analysis stage (previously drafting exposure draft stage).
- Annual improvements 2015-2017 — exposure draft is no longer expected after six month, instead the Board will decide the direction of the project within the next six months.
- Applying IFRS 9 with IFRS 4 — currently in the analysis stage and the direction of the project will be determined within 3 months.
- Clarifications to IFRS 8 arising from the post-implementation review — exposure draft issuance date is narrowed to May 2016.
- Clarifications of classification and measurement of share-based payment transactions — Standard issuance date is narrowed to May 2016.
- Clarifications to IFRS 15: Issues emerging from TRG discussions — Standard issuance date is narrowed to March/April 2016.
- Definition of a business — exposure draft issuance date is narrowed to May 2016.
- Disclosure initiative — amendments to IAS 7 is no longer in the work plan since standard has been issued on 29 January 2016.
- Remeasurement of previously held interests — obtaining control or joint control in a joint operation that constitutes a business — exposure draft is narrowed to May 2016.
The revised IASB work plan is available on the IASB's website.
Related Topics
- Different effective dates of IFRS 9 and the new insurance contracts standard
- Disclosure initiative — Principles of disclosure
- Annual improvements — 2014-2016 cycle
- Annual improvements — 2015-2017 cycle
- Clarifications arising from the post-implementation review of IFRS 8
- Clarifications to IFRS 15: Issues emerging from TRG discussions
- Conceptual Framework — Comprehensive IASB project
- IFRS 3 — Definition of a business
- IFRS 3/IFRS 11 — Remeasurement of previously held interests
- IFRS 2 — Clarifications of classification and measurement of share based payment transactions
