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IASB updates work plan

  • IASB (International Accounting Standards Board) (blue) Image

21 Jul 2016

Following its July 2016 meeting, the IASB has updated its work plan. The IASB has reorganised the way projects are presented, however, the main problem that progress on the individual projects cannot be traced properly anymore unless the Board makes definite progress or has to make larger corrections has not been rectified. In this news item, we explain the changed presentation and point out the few project changes that can be identified since the previous work plan.

The main change in the work plan presentation is that the Board’s active research projects and standard-setting projects are presented on one page, with research appearing before standard-setting. This was done to indicate that research projects typically lead on to standard-setting projects (if the research provides sufficient evidence that standard-setting is needed), to avoid implying that standard-setting projects are automatically more important or more urgent than research projects, and to avoid the confusion caused by some projects appearing on both the research and major projects pages.

The research projects now also include milestones for progress made and expected, however, they are of the same kind as the ones used for major projects so that slippage cannot be detected from one month to the next. Also, research projects are no longer classified as being in either the assessment or the development phase as the distinction was confusing to users. Projects that are in the “research pipeline” are no longer presented in the work plan at all.

The page dedicated to narrow scope amendments and IFRS maintenance now also includes IFRS Taxonomy activities and developments in the post-implementation reviews.

Changes to the projects itself include:

Research projects

Standard-setting and related projects (major projects)

Implementation projects (narrow scope amendments)

The revised IASB work plan is available on the IASB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.