Updated IASB work plan
The IASB has published an updated work plan as a result of the issue of the 'suite of five' standards on consolidation, joint arrangements and disclosures and IFRS 13 Fair Value Measurement.
There have been few changes to the expected timing of pronouncements, which remain consistent with the recently issued IASB-FASB progress report on convergence. Highlights from the work plan include:
- Financial instruments – finalised IFRSs on impairment, hedge accounting and asset and liability offsetting are targeted for the third quarter of 2011, with an exposure draft on portfolio hedging expected in the second half of calendar 2011
- Other core projects – final IFRSs on leases, revenue recognition and insurance contracts are all targeted for completion in the fourth quarter of 2011
- Other new standards – an amended IAS 1 dealing with the presentation of other comprehensive income is expected before the end of May 2011, whereas an amended IAS 19 dealing with post-employment benefits is now due to be issued in June 2011
- Exposure drafts – in addition to portfolio hedging (see above), new exposure drafts on annual improvements and consolidation of investment companies are both expected to be issued in June 2011.
Click here for our summary of the IASB's agenda and timetable, which has been updated to reflect the revised work plan.