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 Non-current (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.