This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Updated IASB work plan — Analysis (January 2020)

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

31 Jan 2020

Following the IASB's January 2020 meeting, we have analysed the IASB work plan to see what changes have resulted from the meeting and other developments since the work plan was last revised in December 2019.

Below is an analysis of all changes made to the work plan since our last analysis on 14 December 2019.

Standard-setting projects

  • Primary Financial Statements — After publishing an exposure draft in December 2019, the next milestone for this project is now exposure draft feedback. Comments are due by 30 June 2020.
  • Rate-regulated Activities —  An exposure draft is now expected in H2 2020 (formerly H1 2020).
  • Subsidiaries that are SMEs — After reviewing research at the January 2020 Board meeting, the Board decided to elevate this project to a standard-setting project. The next milestone is now  a decision on whether to proceed with a discussion paper or exposure draft. No date is listed.

Maintenance projects

  • 2019 Comprehensive Review of the IFRS for SMEs Standard — After publishing its Request for Information earlier this month, the next milestone for this project is feedback. Comments are due by 27 July 2020.
  • Amendments to IFRS 17 Insurance Contracts — An IFRS amendment is now expected in Q2 2020 (formerly H1 2020).
  • Annual improvements — 2018-2020 cycle — Final amendments are now expected in April 2020 (formerly Q2 2020). The following projects are part of the annual improvements:
    • Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities (Amendments to IFRS 9)
    • Lease Incentives (Amendment to Illustrative Example 13 accompanying IFRS 16)
    • Subsidiary as a First-time Adopter (Amendment to IFRS 1)
    • Taxation in Fair Value Measurements (Amendment to IAS 41)
  • Classification of Liabilities as Current or Noncurrent (amendments to IAS 1) — Removed from the work plan after publishing an IFRS amendment earlier this month.
  • Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) — Exposure draft feedback is now expected in Q2 2020 (formerly Q1 2020).
  • IBOR Reform and its Effects on Financial Reporting—Phase 2 — An exposure draft is now expected in April 2020 (formerly Q2 2020).
  • Lack of Exchangeability (Amendments to IAS 21) — The milestone has shifted from "work in progress" to an exposure draft. No expected date is listed.
  • Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37) — An IFRS amendment is now expected in Q2 2020 (formerly H1 2020).
  • Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) — An IFRS amendment is now expected in March 2020 (formerly Q1 2020).
  • Provisions—Targeted Improvements — After reviewing research at the January 2020 Board meeting, the Board decided to elevate this project to a maintenance project. The next milestone is to decide the project direction. No expected date is listed.
  • Updating a Reference to the Conceptual Framework (Amendments to IFRS 3) — An IFRS amendment is now expected in April 2020 (formerly Q2 2020).

Research projects

  • Business Combinations under Common Control — A discussion paper is now expected in Q2 2020 (formerly H1 2020).
  • Dynamic Risk Management — Core model outreach is now expected in Q2 2020 (formerly H1 2020).
  • Extractive Activities — Review research is now expected in Q2 2020 (formerly H1 2020).

Other projects

  • Due Process Handbook Review — After discussing the feedback received on the proposed amendments, the DPOC decided to move forward with final amendments. No expected date is listed.
  • IFRS Taxonomy Update—Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7) — After a discussion at the January 2020 Board meeting, the next milestone is an IFRS Taxonomy Update, expected in March 2020.

The above is a faithful comparison of the IASB work plan at 14 December 2019 and at 31 January 2020. For access to the current IASB work plan at any time, please click here.

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.