UKEB Work Plan 23rd June 2022
23 June 2022
UKEB Workplan—Endorsement Projects
| Project | Issued | Last milestone achieved | Status / Effective Date | Jun 2022 | Jul 2022 | Aug 2022 | Sep 2022 | Oct 2022 | Nov 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Major | |||||||||
| IFRS 17 Insurance Contracts (incorporates 2021 amendment Initial Application of IFRS 17 and IFRS 9—Comparative Information) | 05/17, 25/06/20 | Adoption statement published 17/05/22 ECA Published 17/05/22 | 01/01/23 | Board: DPCS for noting | |||||
| Narrow-scope amendments | |||||||||
| Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) | 23/01/20 | TBC | |||||||
| Deferral of Effective Date Amendment1 | 15/07/20 | ||||||||
| Definition of Accounting Estimates (Amendments to IAS 8) | 12/02/21 | 01/01/23 | Board: Approve DECA | Public consultation | Public consultation | Public consultation | |||
| Disclosure of Accounting Policies (Amendments to IAS 1 [and IFRS Practice Statement 2]2) | 12/02/21 | 01/01/23 | 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 DECA | Public consultation | Public consultation | Public consultation |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
23 June 2022
UKEB Workplan—Active Influencing Projects
IASB Projects
There are currently no relevant IASB due process documents open for stakeholder comment
ISSB Projects
| Project | Issued | Last milestone achieved | Status / Effective Date | Jun 2022 | Jul 2022 | Aug 2022 | Sep 2022 | Oct 2022 | Nov 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Major | |||||||||
| ED1: General | 31/03/22 | ISSB ED published | ISSB comment period ends 29/07/22 | Public consultation | Board: Approve FCL | ||||
| ED 2: Climate |
- Per the 2022 UKEB Regulatory Strategy: This project assesses any overlaps on IASB Standards from the ISSB issued Exposure Drafts.
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
23 June 2022
UKEB Workplan—Active Monitoring of IASB projects
| Project | Issued | Next Milestone | Expected Date | Last Milestone | Expected Next Steps |
|---|---|---|---|---|---|
| Primary Financial Statements | ED: 12/19 | Standard | FCL: 09/20 | ||
| Goodwill and Impairment | DP: 03/20 | Decide Project Direction | Q4 2022 | FCL: 01/21 | See "Research on subsequent measurement of goodwill to support IASB redeliberations on DP Business Combinations, Disclosures, Goodwill and Impairment" below |
| Lease Liability in a Sale and Leaseback (Proposed amendment to IFRS 16) | ED: 11/20 | IFRS Amendment | Q3 2022 | FCL: 03/21 | |
| Rate-regulated Activities | ED: 01/21 | IFRS Standard | FCL: 02/22 | Board Update - Expected September | |
| IASB Third Agenda Consultation | Rfl: 03/21 | Feedback Statement | July 2022 | FCL: 09/21 | |
| Lack of Exchangeability (Amendments to IAS 21) | ED: 04/21 | Decide Project Direction | FCL: 08/21 | ||
| Non-Current Liabilities with Covenants | ED: 06/21 | Exposure Draft Feedback | June 2022 | FCL: 03/22 | Board Update - Expected July |
| Supplier Finance Arrangements | ED: 06/21 | Exposure Draft Feedback | July 2022 | FCL: 03/22 | |
| Disclosure Initiative—Subsidiaries without public accountability | ED: 06/21 | Decide Project Direction | June 2022 | FCL: 02/22 | Board Update - June |
| Dynamic Risk Management | Exposure Draft | ||||
| Equity Method | Decide Project Direction | ||||
| Extractive Activities | Decide Project Direction | July 2022 | Board Update - Expected September | ||
| Contractual Cash Flow Characteristics of Financial Assets | ED | Board Update - June |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
23 June 2022
UKEB Workplan—Research for Influencing Projects
| Project | Started | Last milestone achieved | Target Completion | Jun 2022 | Jul 2022 | Aug 2022 | Sep 2022 | Oct 2022 | Nov 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Thought Leadership Projects | |||||||||
| 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 Pro-active Research: Intangibles | 27/10/21 | Research Underway | H2 2023 | Board: Approve Draft Report | Public consultation | Board: Approve Final Report |
23 June 2022
UKEB Workplan—Completed Influencing Projects—noted for future monitoring
| Project | Comments from IASB work plan | Last milestone achieved |
|---|---|---|
| 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) | Decide project direction Q3 2022 | Submitted comment letter 17/12/21 |
| DP Business Combinations under Common Control | Decide project direction | Submitted comment letter 26/08/21 |
| Rfl Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12 | Feedback Statement June 2022 | Submitted comment letter 21/05/21 |
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
Footnotes
-
ED/2021/9 Non-current Liabilities with Covenants (Proposed amendments to IAS 1) published in November 2021 proposes this deferral. ↩
-
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". ↩