UKEB Work Plan 21st September 2023
21 September 2023
Endorsement Projects
Narrow-scope amendments
| Project | Issued | Last milestone achieved | Status / Effective Date | Sep 2023 | Oct 2023 | Nov 2023 | Dec 2023 | Jan 2024 | Feb 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Classification of Liabilities as Current or Non-Current (2020 Amendments to IAS 1) | 23/01/20 | Adopted 21/07/23 | 01/01/24 | Board (noting): DPCS | |||||
| Non-Current Liabilities with Covenants (2022 Amendments to IAS 1) | 31/10/22 | Board (noting): DPCS | |||||||
| International Tax Reform: Pillar Two Model Rules (Amendments to IAS 12) | 23/05/23 | Adopted 19/07/23 | Immediately and retrospectively (Exception) / disclosures for annual periods from 1 January 2023 | Board (noting): DPCS |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
| Project | Issued | Last milestone achieved | Status / Effective Date | Sep 2023 | Oct 2023 | Nov 2023 | Dec 2023 | Jan 2024 | Feb 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Supplier Finance Arrangements | 25/05/23 | DECA Published 20/07/23 | 01/01/24 | DECA Public consultation | DECA Public consultation / Verbal Update to Board | Board: ECA Adoption package | Board (noting): DPCS | ||
| Lack of Exchangeability | 15/08/23 | FCL published 02/09/21 | 01/01/25 | - | Board: PIP | Preliminary outreach for DECA | Preliminary outreach for DECA | Board: DECA | DECA Public consultation |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
21 September 2023
Influencing Projects
Narrow-scope amendments
| Project | Issued | Last milestone achieved | Status / Effective Date | Sep 2023 | Oct 2023 | Nov 2023 | Dec 2023 | Jan 2024 | Feb 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Amendments to the Classification and Measurement of Financial Instruments | 21/03/23 | FCL published 19/07/21 | - | Board (noting): DPCS | |||||
| Annual Improvements – Volume 11 | 12/09/23 | Comments due 11/12/23 | - | PIP & DCL | FCL, FBS, draft DPCS1 | Board (noting): DPCS |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
PIR
| Project | Issued | Last milestone achieved | Status / Effective Date | Sep 2023 | Oct 2023 | Nov 2023 | Dec 2023 | Jan 2024 | Feb 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Post-implementation Review of IFRS 9 – Impairment | 30 May 2023 | RFI | Comments due 27/09/23 | Board: FCL, FBS, draft DPCS | Board (noting): DPCS | ||||
| Post-implementation Review of IFRS 15 Revenue from Contracts with Customers | 29 June 2023 | RFI | Comments due 27/10/23 | Board: FCL, FBS, draft DPCS | Board (noting) DPCS |
ISSB Projects
| Project | Issued | Last milestone achieved | Status / Effective Date | Sep 2023 | Oct 2023 | Nov 2023 | Dec 2023 | Jan 2024 | Feb 2024 |
|---|---|---|---|---|---|---|---|---|---|
| ISSB Consultation on Agenda Priorities | 4 May 2023 | FCL submitted to ISSB | Board: (noting) DPCS |
* Per the 2022 UKEB Regulatory Strategy: These projects assess any overlaps with IASB Standards from the ISSB issued Exposure Drafts.
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
21 September 2023
Monitoring of IASB/ISSB projects
IASB Standard-setting projects
| Project | Issued | IFRS Status Next Milestone | IFRS Status Expected Date | UKEB Status Last Milestone | UKEB Status Notes |
|---|---|---|---|---|---|
| Business Combinations – Disclosures, Goodwill and Impairment | DP 19/03/20 | ED | H1 2024 | FCL: 01/21 | |
| Disclosure Initiative – Subsidiaries without Public Accountability: Disclosures | ED 26/07/21 | IFRS Standard | H1 2024 | FCL: 02/22 | |
| Dynamic Risk Management | DP 17/04/14 | ED | 2025 | - | |
| Financial Instruments with Characteristics of Equity | DP 28/06/18 | ED | Nov 2023 | - | |
| Primary Financial Statements | ED 17/12/19 | IFRS Standard | H1 2024 | FCL: 09/20 |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
21 September 2023
| Project | Issued | IFRS Status Next Milestone | IFRS Status Expected Date | UKEB Status Last Milestone | UKEB Status Notes |
|---|---|---|---|---|---|
| Rate-regulated Activities | ED 28/01/21 | IFRS Standard | 2025 | FCL: 07/21 |
IASB Maintenance
| Project | Issued | IFRS Status Next Milestone | IFRS Status Expected Date | UKEB Status Last Milestone | UKEB Status Notes |
|---|---|---|---|---|---|
| Climate-related Risks in the Financial Statements | Review Research | September 2023 | |||
| Provisions – Targeted Improvements | Decide Project Direction | Q4 2023 |
IASB Research and PIRs
| Project | Issued | IFRS Status Next Milestone | IFRS Status Expected Date | UKEB Status Last Milestone | UKEB Status Notes |
|---|---|---|---|---|---|
| Business Combinations under Common Control | DP | Decide Project Direction | September 2023 | FCL: 08/21 | |
| Equity Method | - | ED | H2 2024 | - | |
| Extractive Activities | - | Decide Project Direction | September 2023 | - |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
21 September 2023
ISSB projects
| Project | Issued | IFRS Status Next Milestone | IFRS Status Expected Date | UKEB Status Last Milestone | UKEB Status Notes |
|---|---|---|---|---|---|
| ISSB EDs S1 and S2 | ED 03/22 | IFRS Sustainability Disclosure Standards | June 2023 (Final standards issued) | FCL: 07/22 |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
21 September 2023
Proactive Research Projects
| Project | Start date | Last milestone achieved | Target Completion | Sep 2023 | Oct 2023 | Nov 2023 | Dec 2023 | Jan 2024 | Feb 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Quantitative Intangibles Report | 10/22 | Research Underway | Q3 2023 | Board: Draft Report | |||||
| User Survey Report | 10/22 | Research Underway | Q1 2024 | Board: Discuss Project | |||||
| Climate-related risks – Assessment of current research Deliverable 1 | 3/23 | Research Underway | 4/23 | ||||||
| Climate-related risks – Analysis of 2022 annual reports Deliverable 2 | 3/23 | Research Underway | 6/23 |
Dates are indicative only and subject to change. Any queries please contact us at [email protected]
Glossary
| Term | Description |
|---|---|
| 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 |