In particular, the statement notes that its projects on IBOR reform and amendments to IFRS 17 are still on schedule; however, timelines will be discussed on specific projects during its April meeting. In addition, the publication of several narrow-scope amendments to IFRS Standards have been postpone to May 2020 (see our updated IASB work plan analysis).

The IFRS Foundation has also issued educational materials to support the application of IFRS 9 during the economic uncertainity arising from the coronavirus pandemic and has shifted to virtual meetings.

For more information, see the statement on the IASB’s website.

For more information, see the press release and letter on the EFRAG’s Web site.

Below is an analysis of all changes made to the work plan since our last analysis on 21 March 2020. We also note the projects the IASB intends to move forward with in April 2020.

Standard-setting projects

• No changes

Maintenance projects

• Annual improvements — 2018-2020 cycle — Final amendments are now expected in May 2020 (formerly April 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)
• IBOR Reform and its Effects on Financial Reporting — Phase 2 — An exposure draft is still expected in April 2020
• Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37) — An IFRS amendment is now expected in May 2020 (formerly Q2 2020)
• Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) — An IFRS amendment is now expected in May 2020 (formerly March 2020)
• Updating a Reference to the Conceptual Framework (Amendments to IFRS 3) — An IFRS amendment is now expected in May 2020 (formerly April 2020)

Research projects

• Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 — The rescheduled research review is still expected to take place in April 2020

Other projects

• Due Process Handbook Review — Final amendments are still expected in April 2020

The above is a faithful comparison of the IASB work plan at 21 March 2020 and at 27 March 2020. For access to the current IASB work plan at any time, please click here.

The document is intended to support the consistent application of requirements in IFRSs. Therefore, it highlights requirements within IFRS 9 Financial Instruments that are relevant for companies considering how the pandemic affects their accounting for expected credit losses; it does not change, remove nor add to, the requirements of IFRS 9.

Please click to access the document on the IASB website.

Please click to access our new resource page.

Meeting ac­tiv­i­ties included the following:

• Executive session:
  • Report of the Executive Director — The Trustees received a report from the Executive Director Lee White on ac­tiv­i­ties since the last meeting.
  • Strategy review — The Trustees discussed non-fi­nan­cial reporting including sus­tain­abil­ity reporting and climate change.
  • Gov­er­nance issues — The Trustees approved a change to (1) the IFRS Foundation Constitution regarding the IFRS Advisory Council’s role and (2) amendments to the IFRS Foundation’s Bylaws.
  • Op­er­a­tions analysis — The Trustees received pre­sen­ta­tions on the analysis of jurisdictional compliance with IFRS Standards.
  • Committee reports — The Trustees discussed reports from the Business Process and Tech­nol­ogy Committee, the Audit and Finance Committee, the Human Capital Committee, the Nom­i­nat­ing Committee, and the DPOC. (A report of the DPOC meeting is attached to the meeting summary.)
• IASB Chairman’s report — The Chair of the IASB provided the Trustees with a general update on the IASB’s technical ac­tiv­i­ties, es­pe­cially on the proposed amend­ments to IFRS 17 and the project to revise IFRS Practice Statement 1 Management Commentary.
• External en­gage­ment — The Trustees met with IFRS Foundation Monitoring Board. In addition, they held a stake­holder event with the EFRAG entitled Financial reporting: remaining relevant in a changing environment.

For more in­for­ma­tion, see the press release, which also offers an article on the stake­holder event, and the full summary on the IFRS Foun­da­tion Trustees’ and DPOC meeting on the IASB’s website. Our own report of the stakeholder event is available here.

EFRAG has now sent a second letter sincerely appreciating the IASB’s efforts to address issues associated with the implementation of IFRS 17 identified in the September 2018 letter. However, while EFRAG is appreciative of the changes made, this new letter expresses regret that some of the conclusions reached by the Board deviate from EFRAG’s recommendations. In particular, EFRAG refers to the annual cohort requirement. In February 2020, the IASB discussed the issue but came to the conclusion that it was not possible to specify an exemption without the use of ‘bright lines’ and without developing a particularly complex set of criteria.

Please click to access the letter on the EFRAG website.

ESMA has issued the statement in order to promote consistent application of IFRSs in the EU and avoid divergence in practice on the application of IFRS 9 Financial Instruments in the specific context of the COVID-19 outbreak, specifically as regards the calculation of expected credit losses and related disclosure requirements. In ESMA’s view, the principles-based nature of IFRS 9 includes sufficient flexibility to faithfully reflect the specific circumstances of the COVID-19 outbreak and the associated public policy measures.

Please click to access the statement on the ESMA website.

The European Banking Authority (EBA) has also issued a related statement regarding the prudential framework and accounting implications of COVID-19. The two statements are consistent as regards financial reporting. The statement can be accessed on the EBA website.

The podcast features dis­cus­sions related to:

• IFRS 17 and the extension of its effective date.
• Management commentary.
• Rate-regulated activities.

In addition, Vice-Chair Lloyd comments on the Discussion Paper Business Combinations — Disclosures, Goodwill and Impairment.

The podcast can be accessed through the press release on the IASB website. More in­for­ma­tion on the topics discussed is available through our com­pre­hen­sive notes taken by Deloitte observers at the March IASB meeting.

The Issued IFRS Standards 2020 publication contains the Standards as approved by the International Accounting Standards Board for issue up to 31 December 2019. These Standards include changes that are not yet required at 1 January 2020. The Annotated Issued IFRS Standards 2020 includes the same content as Issued IFRS Standards 2020, but with additional annotations containing extensive cross-references, explanatory notes and IFRS Interpretations Committee agenda decisions.

The books are available in electronic format for subscribers to eIFRS Professional. Printed copies of the books are available for sale through the IASB's web shop.