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Updated IASB work plan — Analysis (October 2020 meeting)

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

31 Oct 2020

Following the IASB's October 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 September 2020. Changes are numerous.

Below is an analysis of all changes made to the work plan since our last analysis on 28 September 2020.

Standard-setting projects

  • Disclosure initiative — Subsidiaries that are SMEs — the decision of whether to issue a discussion paper or an exposure draft is now expected in December 2020 (previously fourth quarter of 2020)
  • Management commentary — the issuance of an exposure draft is now expected in the first half of 2021 (previously first quarter of 2021)
  • Primary financial statements — the review of the feedback to the exposure draft is now expected in December 2020 (previously fourth quarter of 2020)

Maintenance projects

  • 2019 Comprehensive review of the IFRS for SMEs — the feedback on the request for information is now expected to be discussed in December 2020 (previously fourth quarter of 2020)
  • Accounting Policies and Accounting Estimates (Amendments to IAS 8) — the issuance of final amendments is now expected in December 2020 (previously fourth quarter of 2020)
  • Deferred tax related to assets and liabilities arising from a single transaction — the Board decided to finalise the amendments (no date given)
  • Disclosure initiative — Accounting policies — the issuance of final amendments is now expected in December 2020 (previously fourth quarter of 2020)
  • Disclosure initiative — Targeted standards-level review of disclosures — the issuance of an exposure draft is now expected in the first quarter of 2021 (previously first half of 2021)
  • Lack of exchangeability — the issuance of an exposure draft is now expected in the first quarter of 2021 (previously no date given)

Research projects

  • Dynamic risk management — the feedback on the core model is expected to be discussed in the first half of 2021 (outreach was undertaken through October 2020)
  • Equity method — a project newly added to the work plan, a project direction is yet to be decided
  • Financial instruments with characteristics of equity — a decision on the project direction is now expected in December 2020 (previously fourth quarter of 2020)
  • Goodwill and impairment — the feedback on the discussion paper is now expected to be discussed in the first quarter of 2021 (previously first half of 2021)
  • Pension benefits that depend on asset returns — a review of the research is now expected in December 2020 (previously November 2020)
  • Post-implementation review of IFRS 10, IFRS 11 and IFRS 12 — the issuance of a request for information is now expected in December 2020 (previously fourth quarter of 2020)

Other projects

  • 2020 Agenda Consultation — the issuance of a request for information is now expected in the first quarter of 2021 (previously first half of 2021)
  • IFRS Taxonomy Update — 2020 General Improvements and Common Practice — a proposed IFRS Taxonomy Update was published on 29 October 2020 and the feedback is expected to be discussed in the first quarter of 2021
  • IFRS Taxonomy Update — Amendments to IAS 1, IAS 8 and IFRS Practice Statement 2 — this project has been added to the work plan and a proposed IFRS Taxonomy Update is expected in December 2020
  • IFRS Taxonomy Update — Amendments to IFRS 17, IFRS 4 and IAS 16 — the feedback on the proposed IFRS Taxonomy Update has been discussed and a final IFRS Taxonomy Update is expected in the first quarter of 2021
  • IFRS Taxonomy Update — Interest Rate Benchmark Reform — Phase 2 — the feedback on the proposed IFRS Taxonomy Update was expected to be discussed in October 2020, however, the date entry has been removed
  • Sustainability reporting — newly added to the work plan; the feedback on the Trustees' consultation paper is expected to be discussed in December 2020 (although the consultation period does not end until 31 December 2020)

The above is a faithful comparison of the IASB work plan at 28 September 2020 and 31 October 2020. For access to the current IASB work plan at any time, please click here.

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