Impact of the COVID-19 pandemic on IASB work plan
In light of the COVID-19 pandemic, the IASB held a supplementary meeting on 17 April, at which it approved the following measures.
Keywords: Mazars, Thailand, IFRS, COVID-19, IASB, Financial Statements, IAS 1, IFRS 17
23 June 2020
- to defer the publication date of various consultation documents: for example, the Business Combinations under Common Control Discussion Paper is now scheduled for the third quarter of 2020 (rather than the second quarter as previously planned); and
- to extend the comment period for various consultations by around three months: for example, the Primary Financial Statements Exposure Draft is now open for comment until 30 September (rather than 30 June as previously planned), while the Discussion Paper on goodwill and impairment, published in March 2020, is now open for comment until 31 December 2020 (rather than 15 September).
Moreover, the mandatory effective date for the amendments to IAS 1 (Classification of Liabilities as Current or Non-current) has been deferred to 1 January 2023.
Some deadlines have not been changed, such as the publication of the amendments to IFRS 17 – Insurance Contracts, which is still scheduled for June 2020, or the comment deadline for the Exposure Draft on Phase 2 of IBOR reform, which is still set at 25 May.
Due to the constantly changing nature of the crisis, and the consequent uncertainty, the IASB may consider taking additional measures if necessary.
Aside from these changes, the IASB also notes that it is actively monitoring financial reporting issues resulting from COVID-19.
The IASB’s work plan is updated regularly and a detailed schedule can be found here.