UKEB Work Plan 19th May 2022

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Publication date
19 May 2022
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PDF, 280.9 KB
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UKEB Workplan—Endorsement Projects

Project Issued Last milestone achieved Status / Effective Date May 2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oct 2022
Major
IFRS 17 Insurance Contracts (incorporates 2021 amendment Initial Application of IFRS 17 and IFRS 9 – Comparative Information) 05/2017
25/06/20		 DECA Published
11/11/21		 01/01/23 Board: Adoption decision, DPCS for noting
Narrow-scope amendments
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) 23/01/20 TBC (see influencing project below)
Deferral of Effective Date Amendment 15/07/20
Definition of Accounting Estimates (Amendments to IAS 8) 12/02/21 01/01/23 Board: Approve PIP Board: Approve DECA Public consultation Public consultation Public consultation
Disclosure of Accounting Policies (Amendments to IAS 1 [and IFRS Practice Statement 2]) 12/02/21 01/01/23 Board: Approve PIP Board: Approve DECA Public consultation Public consultation Public consultation
Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) 07/05/21 01/01/23 Board: Approve PIP Board: Approve DECA Public consultation Public consultation Public consultation

UKEB Workplan—Influencing Projects

Project Issued Last milestone achieved Status / Effective Date May 2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oct 2022
Major
-
Narrow-scope amendments
-

UKEB Workplan—Active Monitoring of IASB projects

Project Issued Last milestone achieved Status / Effective Date May 2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oct 2022
Primary Financial Statements ED: 17/12/19
FCL: 30/09/20		 Actively Monitoring Board: Discussion of IASB redelib.
Goodwill and Impairment DP: 19/03/20
FCL: 29/01/21		 Actively Monitoring Board: Discussion of IASB redelib.
IASB Third Agenda Consultation Rfl: 30/03/21
FCL: 22/09/21		 Actively Monitoring Board: Discussion of IASB redelib.

UKEB Workplan—Active Monitoring of IASB projects

Project Issued Last milestone achieved Status / Effective Date May 2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oct 2022
Dynamic Risk Management Actively Monitoring
Equity Method Actively Monitoring
Extractive Activities Actively Monitoring

UKEB Workplan—Influencing ISSB Projects*

Project Issued Last milestone achieved Status / Effective Date May 2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oct 2022
Major
ED1: General
ED 2: Climate 31/03/22 ISSB ED published ISSB comment period ends 29/07/22 Board: Approve DCL(s)** Public consultation Board: Approve FCL(s)**

* Per the 2022 UKEB Regulatory Strategy: This project assesses any overlaps on IASB Standards from the ISSB issued Exposure Drafts. ** If it is determined that there is limited overlap with the IFRS S2, a single letter will be submitted the ISSB on IFRS S1, incorporating any relevant areas from IFRS S2.

UKEB Workplan—Research for Influencing Projects

Project Started Last milestone achieved Target Completion May 2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oct 2022
Research on subsequent measurement of goodwill to support IASB redeliberations on DP Business Combinations, Disclosures, Goodwill and Impairment 27/10/21 Initial research published and shared with IASB 17/12/21 June 2022 Board: Approve Research Paper for publication

UKEB Workplan—Thought Leadership Projects

Project Started Current Activity Target Completion May 2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oct 2022
Major Projects
UKEB Pro-active Research: Intangibles 27/10/21 Research Underway H2 2023 Board: Approve Draft Report Public consultation Board: Approve Final Report

UKEB Workplan—Completed Influencing Projects—noted for future monitoring

Project Comments from IASB work plan 10/02/22 Last milestone achieved
ED Supplier Finance Arrangements Exposure Draft Feedback June 2022 Submitted comment letter 27/03/21
ED Non-Current Liabilities with Covenants Exposure Draft Feedback June 2022 Submitted comment letter 21/03/21
ED Disclosure Initiative—Subsidiaries without public accountability Decide project direction June 2022 Submitted comment letter 24/02/21
Rfl Post-implementation Review of IFRS 9—Classification and Measurement Feedback Statement H2 2022 Submitted comment letter 28/01/22
ED Disclosure Requirements in IFRS Standards—A Pilot Approach (IFRS 13 & IAS 19) ED Feedback May 2022 Submitted comment letter 17/12/21
ED Lack of Exchangeability (Amendments to IAS 21) published on 20/04/21
Comment period ended 01/09/21		 Decide Project Direction July 2022 Submitted comment letter 31/08/21
DP Business Combinations under Common Control published on 30/11/20
Comment period ended 01/09/21		 Decide project direction Submitted comment letter 26/08/21
ED Rate-regulated Activities published on 28/01/21
Comment period ended 01/07/21		 Waiting publication of Standard Submitted comment letter 30/07/21
Rfl Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 published on 09/12/20
Comment period ended 10/05/21		 Feedback Statement June 2022 Submitted comment letter 21/05/21
ED Lease Liability in a Sale and Leaseback (Proposed amendment to IFRS 16) published on 27/11/20
Comment period ended 29/03/21		 Waiting publication of Amendment Q3 2022 Submitted comment letter 26/03/21

Glossary

DECA: Draft Endorsement Criteria Assessment DCL: Draft Comment Letter DP: Discussion Paper DPCS: Due Process Compliance Statement ECA: Endorsement Criteria Assessment ED: Exposure Draft FBS: Feedback Statement FCL: Final Comment Letter IASB: International Accounting Standards Board PIP: Project Initiation Plan Rfl: Request for Information

Dates are indicative only and subject to change. Any queries please contact us at [email protected]

Footnotes

  1. An IFRS Practice Statement is non-mandatory guidance. The endorsement and adoption process applies only to the mandatory sections of standards that, if adopted, will become "UK-adopted international accounting standards". ↩