Question

5. what are the future projects of IASB (what & why)

Answer 1

Future projects of IASB as per January 2020 meeting are as follows

1. STANDARD SETTING PROJECTS

For the following reasons

a.For Clarification on primary financial statements

b.Rate Regulated activities

c. For clarification On subsidiaries of SME's

2. MAINTENANCE PROJECTS

For the Following reasons

a. Comprehensive review of the IFRS for SME's Standard which is published on 2019.

b. Amendments to IRFS 17 insurance contracts

c.Classification of liabilities as current and non current (amendment to IAS 1)

d. Deferred tax related to Assets and Liabilities arising from a single transaction (amendment to IAS 12)

e. Lack of exchangeabiliy ( amendment to IAS 21)

f.clarification on proceeds before intended use of property,plant & Equipment (amendment to IAS

16)

3. RESEARCH PROJECTS

Got the following reasons

a.Business combinations under common control

b.Dynamic risk management

c. Extractive Activities

4.OTHER PROJECTS

For the following reasons

a. Due process handbook reciew

b.IFRS Taxonomy Update