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Important IASB Dates Dates and Agendas: Upcoming IASB Meetings Dates, Agendas, Decision Summaries: Past IASB Meetings List of Comment Deadlines IFRIC Agenda Timetable for IASB's Agenda Projects Based on formal IASB announcements supplemented by comments made at recent meetings of the Board, Advisory Council, and Trustees, here is our assessment of the timetable for the IASB's: Active Agenda Projects Research Agenda Projects Following that is a summary of and links to Completed Projects. In February 2006 the IASB and FASB signed an updated Memorandum of Understanding (PDF 68k) setting out their plans for convergence of their standards by 2008. The timetable below identifies those projects that are part of the IASB-FASB convergence programme. Abbreviations used below: ED = Exposure Draft DP = Discussion Paper There is also a link below to the IASC Foundation XBRL Project. Active Agenda Projects Annual Improvements to IFRSs – 2008-2010 Minor amendments to IFRSs Ongoing annual improvements process was added to agenda July 2006 ED issued 7 August 2008 Final IFRS on all but two issues issued 16 April 2009 ED on remaining issued 26 August 2009 Comment deadline on ED 24 November 2009 Final IFRS on remaining items expected second quarter 2010 Annual Improvements to IFRSs – 2009-2011 Minor amendments to IFRSs Ongoing annual improvements process was added to agenda July 2006 ED expected third quarter 2010 Final IFRS expected second quarter 2011 Common Control Transactions Added to agenda December 2007 Timing not yet determined – work deferred pending staff availability Conceptual Framework Convergence project with FASB Added to IASB agenda (jointly with FASB) October 2004 Project is being addressed in eight phases: Phase A: Objective and qualitative characteristics Phase B: Elements and recognition Phase C: Measurement Phase D: Reporting entity Phase E: Presentation and disclosure Phase F: Purpose and status of framework Phase G: Applicability to not-for-profit entities Phase H: Other issues, if necessary Status of phases: Phase A: Objective and Qualitative Characteristics DP on Phase A issued 6 July 2006 ED on Phase A issued 29 May 2008 Comment deadline 29 September 2008 Final Phase A chapters of Framework expected first quarter 2010 Phase B: Elements and Recognition DP on Phase B is planned for fourth quarter 2010 ED on Phase B second half 2011 Phase C: Measurement Round-tables on Phase C Measurement were held first half 2007 DP on Phase C is planned for fourth quarter 2010 ED on Phase C is planned for second quarter 2011 Final Phase C chapter - timing not yet determined Phase D: Reporting Entity DP on Phase D issued 29 May 2008 Comment deadline 29 September 2008 ED on Phase D issued 11 March 2010 Comment deadline on ED is 16 July 2010 Final chapter planned for fourth quarter 2010 Phase E: Presentation and Disclosure DP on Phase E - timing not yet determined Phase F: Purpose and Status of Framework DP on Phase F - timing not yet determined Phase G: Applicability to Not-for-profit Entities DP on Phase G - timing not yet determined Phase H: Remaining Issues (if necessary) Consolidation, Including Special Purpose Entities Convergence project with FASB Added to agenda April 2002 ED issued 18 December 2008 Comment deadline 20 March 2009 Roundtables first quarter 2009 Decided in January 2010 to issue separate disclosure standard in second quarter 2010 Final disclosure standard expected second quarter 2010 Final IFRS on replacement of IAS 27 expected fourth quarter 2010 Derecognition Convergence project with FASB Staff research report in first quarter 2008 Added to active agenda 24 July 2008 ED issued 31 March 2009 Comment deadline 31 July 2009 In October 2009 the Board decided to issue a re-exposure draft Re-exposure draft expected second or third quarters 2010 Final IFRS expected fourth quarter 2010 or first quarter 2011 Discontinued Operations and Non-current Assets Held for Sale Amendments to IFRS 5 Convergence project with FASB Added to agenda April 2007 ED issued 25 September 2008 Comment deadline 23 January 2009 Re-exposure draft expected first quarter 2010 Final IFRS expected second half 2010 Earnings per Share Amendment of IAS 33 Added to agenda November 2005 ED issued 7 August 2008 Comment deadline 5 December 2008 Work has been deferred – discussion will resume sometime in 2010 Emissions Trading Schemes Added to agenda December 2007 ED expected fourth quarter 2010 Final IFRS expected second quarter 2011 Fair Value Measurement Guidance Added to agenda September 2005 Convergence project with FASB IASB issued a DP wrap-around of FAS 157 Fair Value Measurement – 30 November 2006 Expert Advisory Panel on Fair Value in Inactive Markets appointed June 2008 31 October 2008 report of Expert Advisory Panel published ED issued 28 May 2009 Comment deadline 28 September 2009 Roundtables fourth quarter 2009 Final IFRS expected third quarter 2010 Financial Instruments: Comprehensive Project Convergence project with FASB Working Group appointed Staff questionnaire on users' needs about fair values issued March 2006 Discussion paper was issued 20 March 2008 Added to agenda November 2008 Project divided into three components: Classification and Measurement of Financial Assets ED issued 14 July 2009 Comment deadline on ED 14 September 2009 Final IFRS 9 issued 12 November 2009 Classification and Measurement of Financial Liabilities ED expected first or seconde quarter 2010 Final IFRS expected second half 2010 Impairment and Provisioning Request for Information on expected loss model published 18 June 2009 ED issued 5 November 2009 Comment deadline on ED 30 June 2010 Expert Advisory Panel formed November 2009 Final IFRS expected fourth quarter 2010 Hedge Accounting ED expected second quarter 2010 Final IFRS expected fourth quarter 2010 or first quarter 2011 Also the Derecognition Project is another component of the project to revise IAS 39. Financial Instruments with Characteristics of Equity (Liabilities and Equity) Convergence project with FASB DP issued 28 February 2008 Comment deadline on DP is 5 September 2008 Added to active agenda 24 July 2008 ED expected second quarter 2010 Final IFRS expected second or third quarter 2011 Financial Statement Presentation (Performance Reporting) Convergence project with FASB Added to agenda July 2001 Phase A: Phase A addressed what constitutes a complete set of financial statements and requirements to present comparative information – Completed Phase B: Presentation on the face of financial statements (replacement of IAS 1 and IAS 7) To develop standards for presentation of information on the face of the required financial statements DP published 16 October 2008 Comment deadline on DP 14 April 2009 ED on replacement of IAS 1 and IAS 7 expected second quarter 2010 Roundtables planned third and fourth quarters 2010 Final IFRS on replacement of IAS 1 and IAS 7 expected second quarter 2011 Statement of Comprehensive Income Project ED on statement of comprehensive income expected first quarter 2010 Final IFRS on statement of comprehensive income expected second half 2010 Discontinued Operations: This project (see above) is also a phase of the Financial Statement Presentation project Government Grants (other than Emission Rights Trading) Convergence project with FASB (excluding the emission rights component) IASB withdrew IFRIC 3 Emission Rights in June 2005 and that issue is part of this project In December 2007 IASB added to its agenda a project on Emission Trading Schemes. That project does not include comprehensive reconsideration of IAS 20 Work deferred pending progress on Revenue Recognition and Emission Trading projects. Revised timetable not yet announced by IASB Impairment Convergence project with FASB Staff research has begun Not included in IASB Work Plan Income Taxes – Reconsideration of IAS 12 Convergence project with FASB Added to agenda September 2002 ED issued 31 March 2009 Comment deadline 31 July 2009 Next steps undecided. IASB workplan says that on the basis of the joint IASB-FASB discussion in October 2009, 'it is unlikely that the project will proceed in its current form'. IASB may consider more limited amendments to IAS 12 in the first half of 2010. Insurance Contracts – Phase II (Comprehensive Project) Added to agenda September 2001 DP was issued 3 May 2007 ED expected second quarter 2010 Final IFRS expected first half 2011 Joint Ventures – Reconsideration of IAS 31 Convergence project with FASB Added to agenda November 2004 ED issued 13 September 2007 Final IFRS expected second quarter 2010 Leases Convergence project with FASB Added to agenda July 2006 DP issued 19 March 2009 Comment deadline on DP 17 July 2009 ED expected second quarter 2010 Roundtables second and third quarters 2010 Final IFRS expected second quarter 2011 Liabilities: IAS 37 Amendments (was part of Business Combinations – Phase II) Convergence project with FASB Added to IASB Agenda in April 2002 Two parts: Application of the purchase method (Convergence project with FASB) [Non-Financial] Liabilities (amendment of IAS 37) EDs issued 30 June 2005 Public roundtable discussions held 9 November 2005 Roundtables on liabilities held fourth quarter 2006 Final standard on business combinations purchase method and related revisions to IAS 27, IAS 28, and IAS 31 were issued 10 January 2008 Re-exposure draft on liabilities issued 5 January 2010 Comment deadline on revised ED 12 April 2010 Final standard on liabilities expected second quarter 2010 Management Commentary IASB published discussion paper prepared by partner standard setters on 27 October 2005 Added to agenda December 2007 Output will be 'best practice' guidance, not an IFRS ED issued 23 June 2009 Comment deadline on ED 1 March 2010 Final guidance document (not a Standard) fourth quarter 2010 Post-employment Benefits including Pensions Convergence project with FASB Added to agenda July 2006 Staff research has begun Working group appointed March 2007 DP was issued 27 March 2008 Comment deadline was 26 September 2008 ED expected first quarter 2010 Final IFRS expected first quarter 2011 Post-employment Benefits - Termination benefits ED issued June 2005 (part of IAS 37 amendments) Final IFRS expected first quarter 2010 Rate-regulated Activities Added to agenda December 2008 ED issued 22 July 2009 Comment deadline on ED 24 November 2009 Final IFRS expected second half 2011 Revenue Recognition Convergence project with FASB Added to agenda June 2002 Discussion Paper (DP) issued 18 December 2008 Comment deadline on DP 19 June 2009 ED expected second quarter 2010 Roundtables second half 2011 Final IFRS expected second quarter 2011 Research Agenda Projects that Are Part of IASB-FASB Convergence Agreement Intangible Assets Convergence project with FASB Decision in December 2007 not to add to agenda but to continue as research project Steps to be determined Research Agenda Projects that Are NOT Part of IASB-FASB Convergence Agreement Extractive Activities A group of national standard setters is developing a discussion paper Working Draft of the DP was posed on IASB's website in August 2009 IASB request for views on the DP expected first half 2010 Agenda decision expected second half 2010 XBRL Is a Project of the IASC Foundation, Not the IASB IFRS XBRL Taxonomy The IASB's XBRL Web Page: www.iasb.org/xbrl Completed Projects Completed in 2010 IFRS 1 Amendment – Exemption from Comparative IFRS 7 Disclosures Added to agenda November 2009 ED expected November 2009 Final IFRS amending IFRS 1 issued 28 January 2010 Completed in 2009 IFRIC 14 Amendment – IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction ED issued 28 May 2009 Comment deadline on ED 27 July 2009 Final IFRS issued 26 November 2009 Financial Instruments: Classification and Measurement of Financial Assets Convergence project with FASB Working Group appointed Staff questionnaire on users' needs about fair values issued March 2006 Discussion paper was issued 20 March 2008 Added to agenda November 2008 Project divided into three components: Classification and Measurement of Financial Assets, Impairment, Hedge Accounting, and Classification and Measurement of Financial Liabilities Classification and Measurement of Financial Assets ED issued 14 July 2009 Comment deadline on ED 14 September 2009 Final IFRS 9 issued 12 November 2009 Credit Risk in Liability Measurement Discussion Paper on Own Credit Risk published 18 June 2009 Comment deadline 1 September 2009 October 2009 Board decision to stop work on this project as a separate project and, instead, to consider the issues in the Conceptual Framework–Measurement project. Post-employment Benefits Discount Rate Added to agenda July 2009 ED issued 21 August 2009 Comment deadline on ED 30 September 2009 In October 2009 Board decided not to finalise this amendment. The issue will be included in the comprehensive Post-employment Benefits project. Related Party Disclosures Amendment of IAS 24 Added to agenda July 2006 ED issued 22 February 2007 Revised ED issued 11 December 2008 Comment deadline on revised ED 13 March 2009 Final IFRS issued 4 November 2009 IFRS 1 Issues – transitional issues faced by jurisdictions expected to adopt IFRSs in coming years Added to agenda March 2008 ED issued 25 September 2008 Comment deadline on ED 23 January 2009 Final IFRS issued 23 July 2009 (IFRS for) Small and Medium-sized Entities Discussion Paper (DP) was issued June 2004 Recognition and measurement Questionnaire was issued April 2005 Public round-table discussions held 13-14 October 2005 Complete draft of Exposure Draft (ED) posted on IASB website November 2006 ED issued 15 February 2007 Staff overview of ED published April 2007 ED Spanish translation published April 2007 ED French translation published May 2007 ED German translation published June 2007 ED Polish translation published September 2007 ED Romanian translation published September 2007 Field tests conducted June-November 2007 Final Standard issued 9 July 2009 IFRS 2 Share-based Payment Amendment – group cash-settled share-based payment transactions ED issued 13 December 2007 Comment deadline on ED 17 March 2008 Final amendments to IFRS 2 issued 18 June 2009. IFRICs 8 and 11 withdrawn. IFRIC 9 and IFRIC 16 Amendments Minor amendments to two Interpretations Added to agenda January 2009 ED/2009/1 issued January 2009 Final amendments to IFRIC 9 and IAS 39 published 12 March 2009 Financial Instruments - Enhanced Disclosures Amendments to IFRS 7 Added to agenda September 2008 ED on disclosures of liquidity risk and fair value measurements issued 15 October 2008 Comment deadline on ED 15 December 2008 ED on disclosures about investments in debt instruments issued December 2009 IASB abandoned the project on disclosures about investments in debt instruments in January 2009 Final amendment to IFRS 7 on disclosures of liquidity risk and fair value measurements issued 5 March 2009 Completed in 2008 Reclassification of Financial Instruments Under IAS 39 – Whether to eliminate differences with US GAAP Added to agenda 14 October 2008 (response to credit crisis) Final standard issued 14 October 2008 Financial Instruments: Eligible Hedged Items ED was issued 6 September 2007 Final standard issued 30 July 2008 IFRS 1 Amendment – cost of investment in a subsidiary in separate financial statements of parent Added to agenda March 2006 ED issued 25 January 2007 Comment deadline was 27 April 2007 Revised ED issued 13 December 2007 Comment deadline 26 February 2008 Final amendment to IFRS 1 issued 22 May 2008 Annual Improvements to IFRSs – 2006-2007 Minor amendments to IFRSs Ongoing annual improvements process was added to agenda July 2006 ED was issued 11 October 2007 Final standard issued 22 May 2008 Financial Instruments: Puttable Instruments ED was issued June 2006 Final amendments to IAS 32 and IAS 1 issued 14 February 2008 IFRS 2 Amendment – vesting conditions and cancellations ED issued 2 February 2006 Final amendment issued 17 January 2008 Business Combinations – Phase II Added to IASB Agenda in April 2002 Two parts: Application of the purchase method (Convergence project with FASB) [Non-Financial] Liabilities (amendment of IAS 37) EDs issued 30 June 2005 Public round-table discussions on business combinations held 9 November 2005 Final standard on business combinations and related revisions to IAS 27, IAS 28, and IAS 31 were issued 10 January 2008 Completed in 2007 Financial Statement Presentation (Performance Reporting) Phase A Completed: Phase A addressed what constitutes a complete set of financial statements and requirements to present comparative information ED was issued 16 March 2006 Final standard was issued 6 September 2007 Convergence Issues – IAS 23 Borrowing Costs ED was issued 25 May 2006 Revised IAS 23 issued 29 March 2007 Completed in 2006 Convergence Issues – IAS 14 Segment Reporting: ED 8 issued 19 January 2006 IFRS 8 Operating Segments issued 30 November 2006 Completed in 2005 Financial Instruments: Fair Value Option Exposure draft was issued 21 April 2004 Comment deadline 21 July 2004 Final amendment was issued 15 June 2005 Financial Instruments: Cash Flow Hedge Accounting of Forecast Intragroup Transactions Exposure draft was issued 8 July 2004 Final amendments were issued 14 April 2005 Financial Instruments: Financial Guarantee Contracts and Credit Insurance Exposure draft was issued 8 July 2004 Final amendments were issued 18 August 2005 Financial Instruments: Disclosures ED 7 was issued 22 July 2004 IFRS 7 Financial Instruments: Disclosures issued 18 August 2005 IFRS 7 replaces disclosure portion of IAS 32 IFRS 7 replaces IAS 30 Related amendments to IAS 1 Presentation of Financial Statements for disclosures about capital issued 18 August 2005 Effective date years beginning 1 January 2007, earlier application encouraged Completed in 2004 Business Combinations – Phase I Exposure drafts of a new IFRS on business combinations (to replace IAS 22) and of amendments to IAS 36 and IAS 38: Were issued 5 December 2002 Comment Deadline: 4 April 2003 Final Standards: IFRS 3 and related revisions to IAS 36 and IAS 38 were issued 31 March 2004 Effective date: 1 April 2004 Business Combinations – Proposed Amendments to IFRS 3: Combinations by Contract Alone or Involving Mutual Entities Exposure draft issued 29 April 2004 Comment deadline 31 July 2004 ED will not be adopted separately. Instead, the issue will be addressed in Phase II Application of Purchase Method. Convergence Issues for Asset Disposals and Discontinued Operations ED 4 on Disposal of Non-current Assets and Presentation of Discontinued Operations was issued 24 July 2003, comment deadline 24 October 2003 Final Standard: IFRS 5 issued 31 March 2004 Effective date: 2005 year ends Convergence Issues IAS 19 Employee Benefits Proposed Amendments to IAS 19 Employee Benefits: Actuarial Gains and Losses, Group Plans and Disclosures: Exposure draft was issued 29 April 2004, comment deadline 31 July 2004 Final Standard was issued 16 December 2004 Effective date: 2006 year ends, early application encouraged Extractive Industries: Exploration and Evaluation of Mineral Resources ED 6 Exploration for and Evaluation of Mineral Resources was issued 15 January 2004 Final Standard IFRS 6 Exploration for and Evaluation of Mineral Assets was issued December 2004 Effective date: 2006 year ends, early application encouraged Financial Instruments: Macro Hedging Exposure draft was issued 21 August 2003 Comment deadline 14 November 2003 Revised IAS 39 was issued 31 March 2004 Financial Instruments: Transition and Day 1 Profit Recognition Exposure draft was issued 8 July 2004 Final amendments were issued December 2004 Insurance Contracts – IFRS 4 Project ED 5 Insurance Contracts, was issued 31 July 2003, comment deadline 31 October 2003 Final Standard: IFRS 4 issued 31 March 2004 Effective date: 2005 year ends Share-based Payment Exposure draft: ED 2 Share-based Payment was issued 7 November 2002 Comment Deadline: 7 March 2003 Final Standard IFRS 2 Share-based Payment issued in February 2004 Effective date: 2005 year ends Completed in 2003 Amendments to IAS 32 and IAS 39 Exposure draft was issued 20 June 2002 Comment deadline was 14 October 2002 Revised IASs were issued 17 December 2003 Amendments completed in 2004: Macro Hedging; transition and day 1 profit, Amendments completed in 2005: Fair value option; financial guarantees; cash flow hedge of forecast intragroup transactions; IFRS 7 on disclosures Improvements to IFRS Exposure draft Improvements to IFRS was issued May 2002 Comment deadline: 16 September 2002 Final Standards were issued in December 2003 Revised IASs Resulting from the Improvements Project IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events after the Balance Sheet Date IAS 15 Information Reflecting the Effects of Changing Prices (Withdrawn) IAS 16 Property, Plant and Equipment IAS 17 Leases IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 24 Related Party Disclosures IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 31 Interests in Joint Ventures IAS 33 Earnings per Share IAS 40 Investment Property Effective dates: 2005 year ends First-time Adoption of IFRS Exposure draft First-time Application of IFRS was issued 31 July 2002. Comment deadline 31 October 2002 Final Standard IFRS 1 First-time Adoption of IFRS was issued in June 2003 Effective date: For an entity's first IFRS financial statements for a period beginning on or after 1 January 2004. Earlier application is encouraged Completed in 2002 IAS 19 Revisions - Asset Ceiling Test Exposure draft published 25 February 2002. Comments were due 25 March 2002. Final Standard Revised IAS 19 was published in May 2002. Preface to IFRS Exposure draft issued 8 Nov. 2001. Comments were due 15 February 2002. Board deliberations on final Preface started April 2002. Final Preface was published in May 2002.