UKEB Work Plan 18th July 2022

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Project	Issued	Status / Effective Date	Jul 2022	Aug 2022	Sep 2022
Major
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	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	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	Public consultation	Public consultation	Public consultation
Lease Liability in a Sale and Leaseback (Amendment to IFRS 16)	Sept 22 (expected)

UKEB Workplan – Active Influencing Projects

Project	Issued	Last milestone achieved	Status / Effective Date	Sep 2022
IASB Projects
There are currently no relevant IASB due process documents open for stakeholder comment
ISSB Projects*
Major
ED1: General	31/03/22	ISSB ED published	ISSB comment period ends 29/07/22	Board: Approve FCL
ED 2: Climate

Per the 2022 UKEB Regulatory Strategy: These projects assess any overlaps on IASB Standards from the ISSB issued Exposure Drafts.

UKEB Workplan – Active Monitoring of IASB projects

Project	Issued	Next Milestone	Expected Date	Last Milestone	Expected Next Steps
Primary Financial Statements	ED: 12/19	IFRS Standard		FCL: 09/20	Board Update – expected October 2022
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	Sept 2022	FCL: 03/21	Board update – expected October 2022
Rate-regulated Activities	ED: 01/21	IFRS Standard		FCL: 02/22	Board Update – expected September 2022
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: 11/21	IFRS Amend.	Q4 2022	FCL: 03/22	Board Update – July 2022
Supplier Finance Arrangements	ED: 11/21	ED Feedback	July 2022	FCL: 03/22	Board Update – expected September 2022
Disclosure Initiative – Subsidiaries without Public Accountability	ED: 03/21	IFRS Standard		FCL: 02/22	Board Update – expected November 2022
Dynamic Risk Management	ED
Equity Method		Decide Project Direction
Extractive Activities		Decide Project Direction	July 2022		Board Update – expected September 2022
Contractual Cash Flow Characteristics of Financial Assets	ED				Board Update – expected November 2022
Financial Instruments with Characteristics of Equity	ED				Board Update – expected November 2022

UKEB Workplan – Research for Influencing Projects

Project	Started	Last milestone achieved	Target Completion	Jul 2022	Sep 2022	Oct 2022	Nov 2022	Dec 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	September 2022	Board: Discuss draft Research Paper	Board: Approve Research Paper for publication	Public consultation	Public consultation	Public consultation
UKEB Pro-active Research: Intangibles	27/10/21	Research Underway	H2 2023		Board: Approve Draft Report

UKEB Workplan – Completed Influencing Projects – noted for future monitoring

Project	Comments from IASB work plan	Last milestone achieved
ED Disclosure Requirements in IFRS Standards – A Pilot Approach (IFRS 13 & IAS 19)	Decide project direction September 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	Completed	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

ED/2021/9 Non-current Liabilities with Covenants (Proposed amendments to IAS 1) published in November 2021 proposes a further 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". ↩

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