IASB Publishes Work Plan and Meeting Updates for June 2019
IASB published an updated work plan and a summary of its June meeting, which presents preliminary decisions of the Board. The topics discussed at the June meeting included primary financial statements, rate-regulated activities, goodwill and impairment, small and medium-size entities (SMEs) standard review and update (covering IFRS 9 and 16), and financial instruments with characteristics of equity.
IASB discussed the 2019 comprehensive review of the IFRS for SMEs Standard. In particular, IASB discussed whether the Request for Information to be published as part of the 2019 Review should seek views on whether and how to align the IFRS for SMEs Standard with standards and amendments not incorporated in the IFRS for SMEs Standard. IASB decided to seek views in the Request for Information on aligning the IFRS for SMEs Standard with IFRS 9, in particular, on:
- Introducing principles for the classification and measurement of financial assets based on contractual cash flows
- Not amending the requirements of the IFRS for SMEs Standard in certain areas
- The need for requirements on hedge accounting for entities applying the IFRS for SMEs Standard and, subject to clarifying those needs, on retaining the current requirements for hedge accounting in Section 12
- Aligning the IFRS for SMEs Standard with the simplified approach in IFRS 9 for the impairment of financial assets
- Changing the fallback to IAS 39 on recognition and measurement of financial instruments to fallback to IFRS 9, if the requirements of the IFRS for SMEs Standard are aligned with IFRS 9
Additionally, IASB decided to seek views in the Request for Information on aligning the IFRS for SMEs Standard with IFRS 16 on leases and, in particular, on:
- Requiring a single lease accounting model to be applied to all leases, other than short-term or low-value asset leases
- Incorporating simplifications and practical expedients already permitted by IFRS 16
- Introducing additional simplifications
Keywords: International, Accounting, Banking, Work Plan, IFRS 16, IFRS 9, Financial Instruments, Hedging, Leases, IAS 39, IASB
Featured Experts

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.

Masha Muzyka
CECL, IFRS 9, and IFRS 17 expert; credit risk and insurance risk specialist; strategic planning and credit analytics solutions consultant
Previous Article
EC Amends Regulation on Supervisory Disclosures Under CRD IVRelated Articles
NGFS Updates Address Short-Term Climate Scenarios and Transition Plans
The Network for Greening the Financial System (NGFS) is exploring the development of short-term climate scenarios to complement its existing scenario framework of long-term climate scenarios.
ISSB Updates Address ESG Issues while IASB Consults on Impairments
The International Sustainability Standards Board (ISSB) is seeking feedback, until August 09, 2023, on the exposure draft that sets out the methodology proposed by ISSB to amend the Sustainability Accounting Standards Board (SASB) Standards' metrics
ESRB Publishes Report on Cryptos and DeFi; ECB Updates on Digital Euro
The European Systemic Risk Board (ESRB) published a report that outlines the systemic implications of crypto markets and proposes policy options to address the risks stemming from crypto-assets and decentralized finance or DeFi.
EU Agencies Issue Updates on DORA, ESAP, and Crowdfunding Regulation
The European Supervisory Authorities (ESAs) published a discussion paper on their joint advice to the European Commission (EC) on proposals to specify criteria for critical information and communication technology (ICT) third-party service providers
UK Authorities Issue Updates, Finalize Policy on Model Risk Management
The Prudential Regulation Authority (PRA) finalized the model risk management principles for banks, the policy statement PS5/23 on risks from contingent leverage, and PS4/23 on moving senior managers regime forms from the PRA Rulebook.
APRA Revises Implementation Timeline for Operational Risk Standard
The Australian Prudential Regulation Authority (APRA) updated the implementation date of the new cross-industry prudential standard CPS 230 on operational risk management
BCBS Consults on Basel FAQs and Amendments, Issues Other Updates
The Basel Committee on Banking Supervision (BCBS) published a report assessing implementation of the global Basel standards on net stable funding ratio (NSFR) and large exposures (LEX) in South Africa
EBA Announces Multiple Regulatory and Reporting Updates in April 2023
The European Banking Authority (EBA) published consultations on the amendments to the guidelines on risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision
FSB Issues Statement on USD LIBOR Transition, Issues Other Updates
The Financial Stability Board (FSB) released a report that offers insights into how financial institutions incorporate climate-related metrics into their compensation frameworks
ACPR Issues Updates on Reporting by Banks and on DLT Pilot Scheme
The French Prudential Supervisory Authority (ACPR) published reporting updates for the banking sector