This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Technical plan

Date recorded:

The Boards' briefly discussed the timing of each of the Memorandum of Understanding (MOU) joint projects and they intend to issue an updated technical plan within the next week. While they affirmed the majority of dates as currently shown on their respective websites' technical plans, there are three projects which will be slightly updated.

  • Accounting for financial instruments: The IASB expects to complete all three phases of the project by 30 June 2011 (i.e., Classification and Measurement, Impairment, and Hedge Accounting), as originally planned. The FASB confirmed its timing for finishing the standards on the "Classification and Measurement" and "Impairment" phases jointly with the IASB. However, they plan to leverage the IASB's exposure draft on hedge accounting for comment domestically and acknowledged that they will not be complete with that phase of the project by 30 June 2011.
  • Reporting discontinued operations: The Boards' expect the exposure draft to be issued in April 2011, which is slightly later than the current plan of Q1 2011. They affirmed the target completion date by the end of 2011.
  • Conceptual Framework: While not part of the MOU, the timing of the reporting entity phase of this joint project was discussed. The Boards' will update their plans based on that discussion as there are currently no targets provided for any of the remaining phases in this project (see Conceptual Framework — the Reporting entity discussion).

 

Related Meeting Notes


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.