Project Initiation Plan - IFRS Interpretations Committee - TAD - (or Asset) (IFRS 18)

Project overview

1This project initiation plan (PIP) relates to the UKEB response to the IFRS Interpretations Committee's (the Committee) invitation to comment on its Tentative Agenda Decision: Classification of a Foreign Exchange Difference from an Intragroup Monetary Liability (or Asset) (IFRS 18).

Milestones

2As noted in the UKEB's Due Process Handbook (UKEB DPH) paragraph 5.32, given that the consultation period for a tentative agenda decision is usually 60 days, which is much shorter than for other IASB due process documents, the UKEB is not able to follow all the milestones in paragraph 5.3.

Outreach

3Paragraph 5.32 of the UKEB DPH notes that in responding to a tentative agenda decision, some outreach activities are undertaken, e.g. consultation with a representative group of stakeholders and/or with members of the UKEB's standing and/or ad-hoc advisory groups.

4At the October 2025 UKEB meeting, the Board approved that the Secretariat should develop a potential response to the Committee, to be presented for Board consideration at its November 2025 meeting.

5During October and November 2025, the Secretariat has engaged with members of the UKEB's Accounting Firms and Institutes Advisory Group and Preparer Advisory Group. All feedback received has been considered in the preparation of the draft final comment letter. An ad-hoc advisory group is not considered necessary for this project.

Draft Comment Letter

6The UKEB Due Process Handbook¹ states that for an influencing project a draft comment letter is generally mandatory, unless impracticable.

7As per paragraph 3.9 in the UKEB DPH, the UKEB may decide not to undertake a 'mandatory' milestone for a particular project. The reasons for this decision should be discussed at a public Board meeting and clearly outlined in the PIP. In addition, paragraph 5.17 of the UKEB DPH states that, if issuing a draft comment letter even with a reduced comment period is not practicable (e.g. because the deadline to respond to the IASB makes it impracticable to receive and analyse responses), the UKEB still carries out outreach activities to obtain input from UK stakeholders (see Outreach section above).

8Given the Committee's comment deadline is 25 November 2025, there would be insufficient time for public stakeholder consultation. Therefore, issuing a draft comment letter is not practicable.

Final Comment Letter

9A draft final comment letter will be presented for Board approval at the November 2025 meeting.

Project Closure

10For this response to the Committee:

1. a Feedback Statement does not need to be prepared for this project as no draft comment letter (UKEB consultation document) was published; and
2. in line with paragraphs 5.23-5.24 of the UKEB DPH, the corresponding [draft] Due Process Compliance Statement (DPCS) summarising the due process activities undertaken is presented for Board approval at the November 2025 UKEB meeting along with the draft Final Comment Letter. A final version of the DPCS reflecting completion of the final stages of the project will be brought to the Board for noting at a subsequent meeting.

Resources for the project

11The Secretariat involved in this project consists of one Project Director, on a part-time basis, with oversight provided by one Senior Project Director. Sufficient resources are allowed for in the UKEB plan for 2025-26.