The taxonomy is an official IFRS Foundation translation of the complete 2011 taxonomy label linkbases into Korean, created using official terminology.

Click for:

• IASB press release (link to IASB website)
• Our XBRL page

The discussion paper provides possible enchancements to the requirements for financial reporting of income tax currently in IAS 12. Specifically, it provides possible changes to the reconciliation of tax expense to a standard rate; revisions to the requirements in respect of uncertain tax positions; and whether deferred tax should be discounted. Further, the discussion paper provides alternative approaches that could result in a replacement standard of IAS 12. The alternative approaches are the flow-through approach, the partial allocation approach, the valuation approach, and the accruals approach.

Comments on the paper are invited by 29 June 2012. The discussion paper can be downloaded via the press release on EFRAG's website.

The IASB published a consultation paper in late July 2011 to seek public input on the strategic direction of its future work program. EFRAG and the NSS organised meetings with the purpose to help EFRAG gather European constituents' views for EFRAG's response to the IASB's consultation paper. The outreach meetings were held in October and November in eight European cities. On 5 December 2011, EFRAG issued its final comment letter to the IASB regarding the IASB Agenda Consultation 2011 Request for view. Feedback and views from the constituents who attended the outreach meetings were integrated into EFRAG's final comment letter.

A consolidated report on all activities during this integration feedback received is now available (PDF 598 KB, link to EFRAG website).

Joanna Frykowska and Serge Pattyn were elected as new members of TEG. Mike Ashley was confirmed as Vice-Chairman of TEG. The previous TEG members who stood for re-election, Nicklas Grip, Nicolas de Paillerets, Hans Schoen and Andrea Toselli were reappointed.

Click for:

• EFRAG Press Release (link to EFRAG website)
• Full list of members of the EFRAG Technical Expert Group

Click to download the Endorsement Status Report as of 21 December 2011 (PDF 199k). Currently, the following 14 IASB pronouncements await endorsement action:

• IFRS 9 Financial Instruments
• IFRS 10 Consolidated Financial Statements
• IFRS 11 Joint Arrangements
• IFRS 12 Disclosures of Interests in Other Entities
• IFRS 13 Fair Value Measurement
• IAS 27 Separate Financial Statements (2011)
• IAS 28 Investments in Associates and Joint Ventures (2011)
• Amendments to IAS 12 Deferred tax: Recovery of Underlying Assets
• Amendments to IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for First-Time Adopters
• Amendments to IAS 1 Presentation of Items of Other Comprehensive Income
• Amendments to IAS 19 Employee Benefits
• Amendments to IFRS 7 Disclosures — Offsetting Financial Assets and Financial Liabilities
• Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities
• IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine

The following is a summary of the revised work plan:

• Financial instruments:
  • Impairment - re-exposure clarified as being expected in the second quarter of 2012 (previously first half 2012)
  • Macro hedge accounting - an exposure draft on macro hedge accounting now due in third quarter 2012 (deferred from possible issue in first half of 2012)
  • General hedge accounting - a review draft of general hedge accounting requirements now expected in the first quarter of 2012 (previously fourth quarter 2011), with the targeted completion clarified as the second quarter of 2012 (previously first half of 2012)
• Other core projects:
  • Leases - re-exposure clarified as being expected in the second quarter of 2012 (previously first half 2012), no stated target date for a finalised IFRS (previously second half of 2012)
  • Revenue recognition - no stated target date for a finalised IFRS (previously second half of 2012)
  • Insurance contracts - review draft or re-exposure clarified as being expected in the second quarter of 2012 (previously first half of 2012), no target date set for a finalised IFRS
• Post-implementation reviews – there have been no changes in the indicative timing for the following reviews:
  • IFRS 8 Operating Segments - review initiated in 2011, target completion in 2012
  • IFRS 3 Business Combinations - review to be initiated in 2012
• Agenda Consultation - a 'Feedback Statement' and roundtables are expected in the first quarter of 2012, with agenda decisions made during the course of 2012
• Other projects:
  
  • 2009-2011 annual improvements cycle - expected finalisation clarified as being in the second quarter of 2012 (previously first half of 2012)
  • 2010-2012 annual improvements cycle - exposure draft expected in the first quarter of 2012 (previously fourth quarter of 2011)
  • 2011-2013 annual improvements cycle - exposure draft expected third quarter of 2012 (newly added project)
  • IFRS 1 amendments for government loans - no stated expected completion date
  • Exemption from consolidation for investment entities - introduction of roundtables in the first quarter of 2012 (see our earlier story)
  • IFRS 10 transitional guidance - expected finalisation in the second quarter of 2012 (newly added project)

Click for IASB work plan as of 20 December 2011 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.

The IASB published Exposure Draft ED/2011/4 Investment Entities on 25 August 2011, proposing to define 'investment entities' as a separate type of entity that would be exempt from the consolidation accounting requirements in IFRS 10 Consolidated Financial Statements. Comments on the Exposure Draft close on 5 January 2012.

Details of the roundtables, including the registration deadline, are set out in the table below:

* The date of the Norwalk roundtable was changed to 16 March 2012 in mid January 2012. The registration deadline was also brought forward to 24 February 2012.

Click for more information on the IASB's website.

The proposed amendments address the transition guidance in IFRS 10 Consolidated Financial Statements by clarifying retrospective application. Comments on the exposure draft are due by 21 March 2012.

Click for:

• IASB press release (link to IASB website)
• Exposure Draft ED/2011/07 Transition Guidance — Proposed amendments to IFRS 10 (PDF 170k, link to IASB website)
• IFRS in Focus — IASB issues exposure draft clarifying the transitional requirements of IFRS 10.