IASB work plan
On 25 November 2019, the IASB updated its work plan.
Keywords: Mazars, Thailand, IFRS, IASB, IAS 8, IAS 1, IFRS 17, IFRS 9, IFRS 1, IBOR Reform
5 March 2020
The main changes, by theme, are as follows:
Maintenance of existing standards to address limited-scope questions relating to practical application:
- The IASB has decided to publish amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors following its redeliberations in October 2019, which completed the due process that began with September 2017’s Exposure Draft on clarifying the definitions of accounting policies and accounting estimates. No date has been set for publication of the amendments, and the IASB also has yet to decide the transition requirements and effective date of the amendments.
- The final version of the amendments on classification of liabilities as current or non-current (IAS 1) is scheduled for January 2020.
- Amendments to IFRS 17 – Insurance Contracts are scheduled for the second quarter of 2020.
- The final version of Annual Improvements to IFRS Standards 2018-2020 is scheduled for the second quarter of 2020. Amendments will cover topics including fees to be taken into account in the ‘10 per cent’ test for derecognition of financial liabilities (IFRS 9); Illustrative Example 13 accompanying IFRS 16, which relates to lease incentives; and first-time adoption of IFRSs by a subsidiary (IFRS 1).
- The Exposure Draft on Phase 2 of IBOR reform is scheduled for the first half of 2020.
- Still on the topic of maintenance, the IASB has added a project to amend IAS 21 for situations where the spot exchange rate is not observable, following a recommendation from the IFRS Interpretations Committee.
- Consultations on the core model for dynamic risk management accounting are scheduled for the first half of 2020.
- The IASB will decide on the project direction for the Financial Instruments with Characteristics of Equity project in the second half of 2020, following comments received on the Discussion Paper published in June 2018.
- The next stage of work on pension benefits that depend on asset returns is scheduled for the second half of 2020.
- The expected date of Q1 2020 for the post-implementation review of the consolidation standards (IFRS 10, 11 and 12) has been removed, and no new date has yet been provided.