The IASB’s major projects are drawing towards their conclusion. Since 2014, the IASB has published standards on revenue, financial instruments and leases and is expected to complete the Insurance Contracts and Conceptual Framework projects by the end of 2017.
We now turn to the European endorsement process and the work of enforcers. IFRS 15 and IFRS 9 are scheduled for endorsement by the European Commission by the end of the year. ESMA has published recommendations for disclosures on the IFRS 15 transition process and is expected to publish recommendations for disclosures on the IFRS 9 transition process.
In addition to its major projects, the IASB is continuing with its maintenance of existing standards. In this issue, Beyond the GAAP focuses on the proposed amendments to IFRS 3 following the Post-implementation Review of the Business Combinations standard.