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).
- Conceptual Framework — IASB-FASB joint project
- Conceptual Framework Phase D — Reporting entity
- Financial instruments — Classification and measurement
- Financial instruments — General hedge accounting
- Financial instruments — Impairment
- IASB-FASB convergence
- IFRS 5 — Definition of 'discontinued operations'