Liabilities - amendments to IAS 37 (Paused)
Project milestones
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This project is paused until the IASB concludes its ongoing deliberations about its future work plan (visit the Agenda consultation project page for more information).
IAS 37 addresses liabilities of uncertain timing or amount that are not within the scope of another standard. The objective of this project is to develop a new IFRS to replace IAS 37.
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The proposed new IFRS would:
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align of the requirements for recording costs of restructuring activities with those in US GAAP
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align the criteria for recording liabilities with the criteria in other IFRSs
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provide more specific requirements on measuring the liabilities within its scope
In June 2005, the Board published an exposure draft of the proposed amendments to IAS 37, and in 2006 it held round-table meetings with constituents to discuss their views on the proposals.The Board has tentatively decided to change some of the proposals in the light of comments received. In particular, the Board has decided to provide more guidance on applying the proposed measurement requirements. In January 2010 it published a second exposure draft, setting out the proposed new measurement guidance.To enable interested parties to see the proposed measurement guidance in the context of the proposed new IFRS as a whole, the Board has prepared a working draft of the entire IFRS. The IASB staff have also prepared a staff paper which explains:
- how the criteria for recording liabilities proposed in the working draft IFRS differ from those in the existing IAS 37
- how the new criteria would apply to liabilities arising from lawsuits, and
- why the IASB is changing the criteria
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Last IASB meeting update
16 November 2010 The IASB considered comments received on the recognition criteria proposed in the working draft IFRS that the staff had posted on the IASB's website in February 2010.
Click here to access all previous IASB updates on this project.
Click here to listen to the IASB meeting audio playback.
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Next discussion by the IASB
This project will not be discussed again by the Board until after June 2011. In the meantime, the staff will consult informally on tentative decisions taken in November 2010.
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Page last updated: 26 January 2011