A brief history of the IAS 37 project
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 tentatively decided to change some of the proposals in the light of comments received. In particular, the Board 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 prepared a working draft of the entire IFRS. The IASB staff 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.
The staff were conducting outreach on some issues raised in the project, however, in November 2010 this project was deferred. In 2012, the Board decided to add this project to the research programme to consider the issues in conjunction with the Conceptual Framework work on elements and measurement.