Following its December 2016 meeting, the IASB has updated its work plan. In particular, the IASB has split its project on materiality into two parts to reflect mandatory guidance (definition of materiality) and non-mandatory guidance (materiality practice statement).
- Primary financial statements — the issuance of a discussion paper or exposure draft is expected after six months.
Standard setting and related projects
- Disclosure initiative: materiality (split into two parts):
- Materiality practice statement — current activity has changed from analysis to drafting.
- Definition of materiality — currently in the drafting phase with an exposure draft expected within six months.
- Insurance contracts — expected issuance of the IFRS is expected within three months (March 2017).
Narrow-scope amendments and IFRIC Interpretations
- Definition of a business / previously held interests in a joint operation — the decision on the direction of this project is now expected within three months.
- Plan amendment, curtailment or settlement / availability of a refund — expected issuance of IFRS amendment is expected after six months.
- Symmetric prepayment options — new item added to the work plan. It is currently in the analysis phase with a project direction expected within three months.
- IFRS Taxonomy Update on amendments to IFRS 4 — this item has been removed from the work plan due to the issuance of ‘Update 2 to the IFRS Taxonomy 2016’.
The revised IASB work plan is available on the IASB’s website.