UKEB Work Plan 20th October 2022
UKEB Work Plan—Endorsement Projects
| Project | Issued | Last milestone achieved | Status / Effective Date | Oct 2022 | Nov 2022 | Dec 2022 | Jan 2023 | Feb 2023 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Major | |||||||||
| - | |||||||||
| Narrow-scope amendments | |||||||||
| Definition of Accounting Estimates (Amendments to IAS 8) | 12/02/21 | 01/01/23 | Board: Discuss feedback | Board: Adoption decision | |||||
| Disclosure of Accounting Policies (Amendments to IAS 1 [and IFRS Practice Statement 21]) | 12/02/21 | 01/01/23 | Board: Discuss feedback | Board: Adoption decision | |||||
| Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) | 07/05/21 | 01/01/23 | Board: Discuss feedback | Board: Adoption decision | |||||
| Lease Liability in a Sale and Leaseback (Amendment to IFRS 16) | 22/09/22 | 01/01/24 | Board: PIP | Board: DECA | Public consultation | Public consultation | Public consultation | ||
| Classification of Liabilities as Current or Non-Current (2020 Amendments to IAS 1) | 23/01/20 | ||||||||
| Deferral of Effective Date Amendment | 15/07/20 | Expected 01/01/24 | Board: PIP | Board: DECA | Public consultation | ||||
| Non-Current Liabilities with Covenants (2022 Amendments to IAS 1) | Nov 22 | (expected) |
1An 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". 2ED/2021/9 Non-current Liabilities with Covenants (Proposed amendments to IAS 1) published in November 2021 proposes a further deferral.
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
UKEB Work Plan—Active Influencing Projects
| Project | Issued | Last milestone achieved | Status / Effective Date | Oct 2022 | Nov 2022 | Dec 2022 | Jan 2023 | Feb 2023 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|
| IASB Projects | |||||||||
| There are currently no relevant IASB due process documents open for stakeholder comment | |||||||||
| ISSB Projects* | |||||||||
| There are currently no relevant ISSB due process documents open for stakeholder comment |
- Per the 2022 UKEB Regulatory Strategy: These projects assess 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]
UKEB Work Plan—Active Monitoring of IASB/ISSB projects
| Project | Issued | IASB Status Next Milestone | Expected Date | Last Milestone | UKEB Status Expected Next Steps |
|---|---|---|---|---|---|
| Primary Financial Statements | ED: 12/19 | IFRS Standard | FCL: 09/20 | Actively monitoring | |
| Goodwill and Impairment | DP: 03/20 | Decide Project Direction | Nov 2022 | FCL: 01/21 | Actively monitoring |
| Rate-regulated Activities | ED: 01/21 | IFRS Standard | FCL: 02/22 | Actively monitoring | |
| Lack of Exchangeability (Amendments to IAS 21) | ED: 04/21 | Decide Project Direction | FCL: 08/21 | Actively monitoring | |
| Supplier Finance Arrangements | ED: 11/21 | Decide Project Direction | Nov 2022 | FCL: 03/22 | Actively monitoring |
| Disclosure Initiative—Subsidiaries without Public Accountability | ED: 03/21 | IFRS Standard | FCL: 02/22 | Actively monitoring | |
| Dynamic Risk Management | ED | Actively monitoring | |||
| Equity Method | Decide Project Direction | Actively monitoring | |||
| Extractive Activities | Decide Project Direction | H1 2023 | Actively monitoring | ||
| Contractual Cash Flow Characteristics of Financial Assets (Amendments to IFRS 9) | ED | Actively monitoring | |||
| Financial Instruments with Characteristics of Equity | ED | Actively monitoring | |||
| Post-implementation Review of IFRS 9—Classification and Measurement | RfI: 09/21 | Feedback Statement | Q4 2022 | FCL: 01/22 | Actively monitoring |
| Post-implementation Review of IFRS 9 - Impairment | - | RfI | H1 2023 | - | Awaiting IASB RfI |
| Post-implementation Review of IFRS 15 Revenue from Contracts with Customers | - | RfI | H1 2023 | - | Awaiting IASB RfI |
| ISSB EDs | IFRS Sustainability Disclosure Standard | Actively monitoring | |||
| ISSB Agenda Consultation | RfI | Q4 2022 | Awaiting ISSB RfI |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
UKEB Work Plan—Research for Influencing Projects
| Project | Started | Last milestone achieved | Target Completion | Oct 2022 | Nov 2022 | Dec 2022 | Jan 2023 | Feb 2023 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Research on subsequent measurement of goodwill to support IASB redeliberation on DP Business Combinations, Disclosures, Goodwill and Impairment | 27/10/21 | UKEB Research paper published | Completed | ||||||
| UKEB Pro-active Research: Qualitative Intangibles Report | 27/10/21 | Research Underway | Q1 2023 | Board: Discuss Draft Report | Board: Discuss Draft Report | Board: Approve Research Report for publication |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
UKEB Work Plan—Completed Influencing Projects
| Project | Comments | Last milestone achieved |
|---|---|---|
| ED Disclosure Requirements in IFRS Standards—A Pilot Approach (IFRS 13 & IAS 19) | IASB: Decide project direction October 2022 | Submitted comment letter 12/21 |
| DP Business Combinations under Common Control | IASB: Decide project direction | Submitted comment letter 08/21 |
| Lease Liability in a Sale and Leaseback (Proposed amendment to IFRS 16) | Moved to Endorsement section | Submitted comment letter 03/21 |
| Non-current Liabilities with Covenants | Moved to Endorsement section | Submitted comment letter 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 RfI: Request for Information
Dates are indicative only and subject to change. Any queries please contact us at [email protected]