Summary Table of Potential IASB Projects

This table lists the 22 potential projects, affected standards and relevant project notes.

	Project title	Affected standard(s) etc.	Notes
1.	Borrowing Costs	IAS 23 Borrowing Costs	Range of issues
2.	Climate-related risks	IAS 1 Presentation of Financial Statements; IAS 36 Impairment of Assets Educational materials^[1]	Emerging issue International Sustainability Standards Board
3.	Commodity transactions	Various, depends on commodity. IAS 8 currently used to develop accounting policy	Develop requirements for common, or all, commodity transactions
4.	Cryptocurrencies and related transactions	IAS 2 Inventories; IAS 38 Intangible Assets Agenda decision ^[2] [3]	Ongoing issue; Own standard?
5.	Discontinued operations and disposal groups	IFRS 5 Non-current Assets Held for Sale and Discontinued Operations	Scope and clarity issues
6.	Discount rates	Many standards affected	Inconsistency across IFRS Standards
7.	Employee benefits	IAS 19 Employee Benefits	Hybrid pension plans not prevalent in NZ
8.	Expenses – inventory and cost of sales	IAS 2 Inventories	Develop cost of sales requirements
9.	Foreign currencies	IAS 21 The Effects of Changes in Foreign Exchange Rates	Foreign currency derivatives; Functional currency indicators; Long term transactions and volatile currencies
10.	Going Concern	IAS 1 Presentation of Financial Statements Education materials ^[4] and agenda decisions^[5]	Recent NZ amendments Management disclosures Guidance on financial statements when not a going concern
11.	Government grants	IAS 20 Government Grants and Disclosure of Government Assistance	Inconsistent with Conceptual Framework (matching basis); Accounting choice; Netting off allowed
12.	Income taxes	IAS 12 Income Taxes	Deferred tax; Emerging taxes; Explanation of tax charge insufficient
13.	Inflation	IAS 29 Financial Reporting in Hyperinflationary Economies	NZ is not a hyperinflationary economy.
14.	Intangible assets	IAS 38 Intangible Assets	Scope now beyond original intention Internally generated goodwill Management Commentary^[6] revision is currently underway
15.	Interim financial reporting	IAS 34 Interim Financial Reporting	Disclosure issues; could be addressed in each new standard going forward
16.	Negative interest rates	Agenda decision ^[7]	Emerging issue
17.	Operating segments	IFRS 8 Operating Segments	Aggregation criteria and segment composition changes need review
18.	Other comprehensive income	Many standards affected	Inconsistency in recycling
19.	Pollutant pricing mechanisms	No current standard	Lack of accounting requirements
20.	Separate financial statements	IAS 27 Separate Financial Statements	Clarifications of specific requirements
21.	Statement of cash flows and related matters	IAS 7 Statement of Cash Flows	Range of issues. Should financial institutions have to provide this?
22.	Variable and contingent consideration	IAS 16 Property, Plant and Equipment IAS 38 Intangible Assets IFRIC 12 Service Concession Arrangements	Recognition and measurement issues

This table refers to the work of the International Accounting Standards Board (IASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers).

[1] Effects of climate-related matters on financial statements prepared applying IFRS Standards, November 2020.

[2] IFRS Interpretations Committee Agenda Decision.

[3] Holdings of Cryptocurrencies June 2019.

[4] Going Concern – a focus on disclosure published January 2021.

[5]Going concern disclosure published July 2010 and Disclosure requirements relating to assessment of going concern July 2014.

[6] IFRS Practice Statement 2 (non-mandatory and not adopted in NZ)

[7] Income and expenses arising on financial instruments with a negative yield—presentation in the statement of comprehensive income, January 2015.

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