Global Standards for the world economy

Saturday 11 July 2020

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Upcoming Post-implementation Reviews

The Board is required to conduct a Post-implementation Review (PIR) of each new IFRS Standard. The Board normally begins a PIR after the IFRS Standard has been implemented for two years internationally, which is generally about 30-36 months after the effective date. [IASB and IFRS Interpretations Committee Due Process Handbook, paragraphs 6.52-54]

A PIR is an opportunity for the Board to assess the effect of the new requirements of an IFRS Standard on investors, preparers and auditors. In undertaking a PIR the Board:

  • considers important or contentious issues in the development of the IFRS Standard;
  • considers issues that have come to the Board’s attention since issue; and
  • identifies areas where unexpected costs or implementation problems were encountered.

The first phase of a PIR involves the initial assessment of the matters to be examined. This includes a review of independent research on relevant issues. The results of the review, including summaries of the papers reviewed, are presented to the Board and discussed in a public meeting.

The staff also look at a broader set of issues on the basis of feedback from consultations with the IFRS Interpretations Committee, users of financial statements, preparers securities regulators and auditors.

Information about active and upcoming PIRs can be found in the maintenance tab of the Work Plan.

We have completed two PIRs, the first was for IFRS 8 Operating Segments and the second was for IFRS 3 Business Combinations. You can access those reviews on the respective PIR pages: Operating Segments and Business Combinations.



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