IASB updates work plan
20 May 2016
Following its May 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 2015, 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.
Changes to the work plan include:
Major projects
- No changes made to major projects.
Implementation projects
- Annual Improvements (2014-2016): Updated to indicate that a decision on the direction of the project is now expected within 3 months; previously it was within 6 months.
- Transfer of Investment Property: Updated to indicate that a final standard is expected within 6 months.
- Draft IFRIC Interpretation — Foreign Currency Transactions and Advance Consideration: Updated to indicate that a final interpretation is expected after 6 months.
In addition, the work plan has updated the details of the primary financial statements, income taxes, and share-based payment (where the IASB has decided not to perform any further research on this topic or to publish a formal consultation document) research projects and indicated that a feedback statement on the 2015 agenda consultation is expected within 6 months; previously it was after 6 months.
Independent of the work plan update the IASB has also confirmed that final amendments to IFRS 4 regarding the application of IFRS 9 with IFRS 4 are expected to be published in September 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
- IAS 40 — Transfers of investment property
- IFRS 2 — Clarifications of classification and measurement of share based payment transactions
- Income taxes — Comprehensive project
- IAS 21 — Foreign currency transactions and advance consideration
- Agenda consultation 2015
- Annual improvements — 2014-2016 cycle
