Summary of changes

The following is a summary of the changes in the revised work plan, which is dated 26 July 2012:

• Agenda consultation - the timing for the issuance of the feedback statement from the consultation has been pushed back to the third quarter of 2012 (previously second quarter) and development of a strategy previously indicated for the second half of 2012 has been removed. This may be considered to be consistent with comments made by Hans Hoogervorst in earlier speeches acknowledging that the future agenda is not really contentious
• Financial instruments - general hedge accounting - a review draft of the finalised general hedge accounting chapter of IFRS 9 is expected in the third quarter of 2012 (previously second quarter), with the target date for completion of the chapter expected in the fourth quarter of 2012 (previously second half 2012)
• Revenue recognition - the work plan confirms deliberations will continue to the end of 2012, but introduces a formal target date of a new IFRS in the first half of 2013
• Post-implementation reviews:
  • IFRS 8 Operating Segments - the work plan adds that the IASB expects to consider comments received from the Request for Information in the first quarter of 2013
  • IFRS 3 Business Combinations - the post-implementation review on IFRS 3 is now not expected to commence before the fourth quarter of 2012 (previously not earlier than the third quarter 2012).

Projects where a due process document is expected in the near future

The work plan confirms the following milestones are expected to be reached by the end of September:

• Agenda consultation - release of feedback statement (as noted above)
• General hedge accounting - review draft of finalised IFRS (as noted above)
• Annual improvements 2011-2013 - exposure draft.

In addition, the following milestones are expected to be reached by the end of calendar 2012 (in some cases, this may also mean they are issued in the third quarter):

• Financial instruments related projects:
  • General hedge accounting - finalised IFRS (as noted above)
  • Macro hedge accounting - discussion paper
  • Impairment - exposure draft
  • Limited reconsideration of IFRS 9 - exposure draft
• Insurance contracts - review draft or revised exposure draft
• Leases - exposure Draft
• IAS 8 effective dates and transition methods - exposure draft
• Consolidation of investment entities - finalised amendments

Click for IASB work plan as of 26 July 2012 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.