Work plan—projected targets as at 27 May 2015

Major Projects
Next major project milestone
2015 2015 2015 2016
Q2 Q3 Q4 Q1

Upcoming Standards
Insurance Contracts Redeliberations

Target
Leases
IFRS

Upcoming Exposure Drafts

Conceptual Framework Target ED

Disclosure Initiative — Changes in

Target ED
accounting policies and estimates

Disclosure Initiative — Materiality Practice

Target ED
Statement

Published Discussion Papers

Accounting for Dynamic Risk Management:
a Portfolio Revaluation Approach to Macro Redeliberations
Hedging

Board
Rate-regulated Activities
discussions

Upcoming Discussion Papers

Disclosure Initiative — Principles of
Target DP
disclosure

The Disclosure Initiative is a portfolio of Implementation and Research projects.

Implementation Projects
Next major project milestone

2015 2015 2015 2016

Narrow-scope amendments Q2 Q3 Q4 Q1

Annual Improvements 2014–2016 Target ED

Clarifications of Classification and

Measurement of Share-based Payment
Redeliberations
Transactions
(Proposed amendment to IFRS 2)

Clarifications to IFRS 15 Revenue from

Contracts with Customers: Target ED
Issues emerging from TRG discussions

Clarifications arising from the Post-

implementation Review Target ED
(Proposed amendments to IFRS 8)

Classification of liabilities Reliberations

(Proposed amendment to IAS 1)

Disclosure Initiative

Amendments to IAS 7
Reliberations
[Comment period ended 17 Apr 2015]

Elimination of gains or losses arising from

transactions between an entity and its
associate or joint venture Target ED
(Proposed amendments to IFRS 10 and IAS
28)

Fair Value Measurement: Unit of Account

Redeliberations

Recognition of Deferred Tax Assets for

Unrealised Losses
Redeliberations
(Proposed amendments to IAS 12)

Remeasurement at a plan amendment,

curtailment or settlement /
Availability of a refund of a surplus from a
Target ED
defined benefit plan
(Proposed amendments to IAS 19 and IFRIC
14)

Transfer of investment property

Target ED
(Proposed amendments to IAS 40)

2015 2015 2015 2016

Interpretations Q2 Q3 Q4 Q1

Draft IFRIC Interpretation – Accounting for Target draft

uncertainties in income taxes Interpretation

Next major project milestone

2015 2015 2015 2016

Post-implementation Reviews Q2 Q3 Q4 Q1

Target
IFRS 3 Business Combinations Feedback
Statement

Conceptual Framework
Next major project milestone

2015 2015 2015 2016

Q2 Q3 Q4 Q1

Conceptual Framework Target ED

Research Projects
Next major project milestone

Development phase The IASB has completed its initial assessment and is
 developing a Discussion Paper.
This initiative comprises several active projects. See also Major
Disclosure initiative
Projects.

Financial instruments with IASB discussions are planned for 2015 with the next step likely
characteristics of equity to be a DP.

These projects are assessing possible practice issues

Assessment phase to understand if there is a financial reporting problem
and, if so, how to address it.

IASB discussions are planned for 2015 with the next step likely
Business combinations under
to be a DP in 2016.
common control

IASB discussions are planned for 2015 with the next step likely
Discount rates
to be a Research Paper.

Equity method of accounting IASB discussions are planned for 2015 with the next step likely
to be a DP in 2016.

Performance Reporting IASB discussions are planned for 2015 with the next step likely
to be a DP.

Pollutant Pricing Mechanisms IASB discussions are planned for 2015 with the next step likely
to be a DP.

Post-employment benefits IASB discussions are planned for 2015 with the next step likely
(including pensions) to be a DP.

Provisions, Contingent Liabilities IASB discussions are planned for 2015. The next steps are
and Contingent Assets pending developments in the Conceptual Framework project.

Share-based payments IASB discussions are planned for 2015 with the next step likely
to be a Research Paper.

Exploratory phase These projects are long-term projects exploring

broad issues.

Extractive activities / Intangible The IASB is not currently working on this topic.
assets / R&D activities

Income taxes Discussions are expected during 2015 with a DP in 2016.

PIR follow-up work These projects have been identified as a

consequence of the post-implementation review of
IFRS 3 Business Combinations. The next step has
yet to be determined.
Business (definition of) IASB discussions are planned for 2015.

Goodwill IASB discussions are planned for 2015.

Completed work The IASB has completed its initial assessments on

these projects and has no current plans to undertake
additional work. It plans to remove these projects
from the research programme, subject to feedback in
the next agenda consultation.
Foreign currency translation

High Inflation

The IASB is developing its research capabilities. For further information visit the IFRS Research Centre

Completed IFRS
Year that
PIR is
Major projects Issued date Effective date
expected
to start*

IFRS 9 Financial Instruments July 2014 1 January 2018 TBC

IFRS 14 Regulatory Deferral Accounts January 2014 1 January 2016 TBC

IFRS 15 Revenue from Contracts with

Customers
In May 2015 the IASB published an Exposure
Draft proposing a one-year deferral of the May 2014 1 January 2017 TBC
effective date of IFRS 15 to 1 January 2018.
The comment period for this Exposure Draft
ends 3 July 2015.

2015 Amendments to the IFRS for SMEs May 2015 1 January 2017

*A Post-implementation Review normally begins after the new requirements have been applied
internationally for two years, which is generally about 30–36 months after the effective date.

Narrow-scope amendments Issued date Effective date

Accounting for Acquisitions of Interests in

Joint Operations May 2014 1 January 2016
(Amendments to IFRS 11)

Clarification of Acceptable Methods of

Depreciation and Amortisation May 2014 1 January 2016
(Amendments to IAS 16 and IAS 38)

Agriculture: Bearer Plants

June 2014 1 January 2016
(Amendments to IAS 16 and IAS 41)

Equity Method in Separate Financial

Statements August 2014 1 January 2016
(Amendments to IAS 27)

Sale or Contribution of Assets between an

September
Investor and its Associate or Joint Venture 1 January 2016
2014
(Amendments to IFRS 10 and IAS 28)

Annual Improvements 2012–2014

 IFRS 4 Non-current Assets Held for

Sale and Discontinued Operations
o Changes in methods of September
disposal 1 January 2016
2014
 IFRS 7 Financial Instruments:
Disclosures
o Servicing contracts
o Applicability of the
amendments to IFRS 7 to
 condensed interim
financial statements
 IAS 19 Employee Benefits
o Discount rate: regional
market issue
 IAS 34 Interim Financial Reporting
o Disclosure of information
‘elsewhere in the interim
financial report’

Investment Entities: Applying the

Consolidated Exception
December 2014 1 January 2016
(Amendments to IFRS 10, IFRS 12 and IAS
28)

Disclosure Initiative
December 2014 1 January 2016
(Amendments to IAS 1)

Agenda consultation
The IASB is committed to carrying out regular public agenda consultations to seek formal input on the
strategic direction and overall balance of our work programme. The feedback from our first formal
consultation was published in December 2012.

Next major project milestone

2015 2016

Initiate second three-yearly public

Three-yearly public consultation
consultation