UKEB Work Plan 9th July 2021

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UKEB Work plan—adoption projects (9 July 2021)

Major—endorsement and adoption project

Project	Issued	Last milestone achieved	Status / Effective Date	Jul 2021	Aug 2021	Sep 2021	Oct 2021	Nov 2021	Dec 2021
IFRS 17 Insurance Contracts Amendments to IFRS 17	05/2017 25/06/2020		01/01/2023	• 08/07 TAG meeting • Outreach • Drafting DECA • Board: Technical paper	• Drafting DECA • Board: Technical paper	• Drafting DECA • Board: Approve DECA	• Public consultation	• Public consultation	• Public consultation

Narrow-scope amendments—endorsement and adoption projects

Project	Issued	Status / Effective Date	Jul 2021	Aug 2021	Sep 2021	Oct 2021	Nov 2021
Annual Improvements to IFRS 2018-2020	14/05/20	01/01/2022	• Board: Approve PIP	• Drafting DECA	• Board: Approve DECA	• Public consultation	• Board: Approve Adoption package
Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37)	14/05/20	01/01/2022	• Board: Approve PIP	• Drafting DECA	• Board: Approve DECA	• Public consultation	• Board: Approve Adoption package
Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)	14/05/20	01/01/2022	• Board: Approve PIP	• Drafting DECA	• Board: Approve DECA	• Public consultation	• Board: Approve Adoption package
Reference to the Conceptual Framework (Amendments to IFRS 3)	14/05/20	01/01/2022	• Board: Approve PIP	• Drafting DECA	• Board: Approve DECA	• Public consultation	• Board: Approve Adoption package
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)	23/01/20	01/01/2023
Deferral of Effective Date Amendment	15/07/20
Accounting Policies and Accounting Estimates (Amendments to IAS 8)	12/02/21	01/01/2023
Disclosure Initiative—Accounting Policies (Amendments to IAS 1)	12/02/21	01/01/2023
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12)	07/05/21	01/01/2023

UKEB Work plan—influencing projects (2 July 2021)

Major—influencing projects

Project	Issued	Last milestone achieved	Jul 2021	Aug 2021	Sep 2021	Oct 2021
ED Rate-regulated Activities	28/01/2021	Comment period ends 30/07/2021	• Outreach • Board: Approve final comment letter (FCL)		• Board: Approve Feedback Statement (FBS)
Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to Set IFRS Sustainability Standards	30/04/2021	Comment period ends 29/07/2021	• Board: Approve CL • Submit FCL to IFRS Foundation and publish
DP Business Combinations under Common Control	30/11/2020	Comment period ends 01/09/2021	• Board: Approve FCL and FBS • Submit FCL to IASB and publish
RfI IASB Third Agenda Consultation	30/03/2021	Comment period ends 27/09/2021		• Joint outreach event with IASB	• Board: Approve FCL and FBS • Submit FCL to IASB and publish
ED Disclosure Requirements in IFRS Standards—A Pilot Approach (IFRS 13 & IAS 19)	25/03/2021	Comment period ends 21/10/2021		• Board: Approve PIP and DCL		• Board: Approve FCL and FBS • Submit FCL to IASB and publish

Narrow-scope amendments—influencing projects

Project	Issued	Last milestone achieved	Jul 2021	Sep 2021
Disclosure Initiative—Subsidiaries that are SMEs		ED expected July 2021
RfI Post-implementation Review of IFRS 9—Classification and Measurement		Expected September 2021
Dynamic Risk Management		Decide project direction H1 2022
ED Lack of Exchangeability (Amendments to IAS 21)	20/04/2021	Comment period ends 01/09/2021	• Board: Approve PIP and DCL	• Board: Approve FCL and FBS • Submit FCL to IASB and publish
ED Initial Application of IFRS 17 and IFRS 9—Comparative Information (Amendments to IFRS 17)		Expected July 2021 Expected comment period 60 days
ED Classification of Debt with Covenants as Current or Non-current (Amendments to IAS 1)		Expected Q4 2021
ED Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)		Expected Q4 2021

UKEB Work plan—monitoring influencing projects (2 July 2021)

Project	Comments from IASB work plan 2 July 2021	Last milestone achieved
RfI Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 issued on 9 December 2020 Comment period ended 10 May 2021	RfI feedback July 2021	Submitted comment letter 21 May 2021
ED Lease Liability in a Sale and Leaseback (Proposed amendment to IFRS 16) issued on 27 November 2020 Comment period ended 29 March 2021	Decide project direction Q4 2021	Submitted comment letter 26 March 2021
DP Business Combinations—Disclosures, Goodwill and Impairment issued on 19 March 2020 Comment period ended 31 December 2020	Decide project direction July 2021	Submitted comment letter 29 January 2021
ED General Presentation and Disclosures issued on 17 December 2019 Comment period ended 30 September 2020	IFRS Standard expected	Submitted comment letter 30 September 2020

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