The IASB staff directors presented the latest version of the IASB's Technical Plan. The staff noted that since the last version of the plan had been discussed, a number of short-term projects had been added to the Board's agenda-primarily in response to the G20's Action Plan to Implement Principles for Reform.
Derecognition had been accelerated, and an ED is expected either late in 1Q2009 or early 2Q2009. An ED of fair value measurement guidance should be issued as planned leter in 1Q2009. Roundtable discussions of both of those projects are likely to be held in late April or May 2009. The locations of these roundtables will be London and other locations to be determined. Meetings outside London especially are likely to be held over two days, to make the best use of Board and participant time.
Certain projects were noted to be 'at risk' (subject to very tight time constraints with little room for slippage). These were revenue recognition and financial statement presentation (already in this category), each with an IFRS expected in June 2011. Added to this category was Leases, for which the Discussion Paper has been delayed by late issues that need to be addressed in January. The staff is concerned that if the DP is not issued by March 2009, an IFRS by June 2011 would be a challenge.
The staff expects some delay in the Phase B of the Framework (elements and recognition). A Discussion Paper for this phase is now scheduled in the middle of 2010 rather than 4Q2009. Other phases of the Framework remain 'on track'.
The IFRS resulting from ED 9 Joint Arrangements is expected late in 2Q2009. The staff wishes to coordinate the release of the consolidation standard arising from ED 10 and that for joint arrangements. Issuing consequential amendments to a standard just issued was thought likely to be more annoying to constituents than delaying the IFRS a month or two.
A revised project plan will be released on the IASB's Website in the very near future.