IASB issues updated work plan with slight clarification of timings and a new project on the IFRS for SMEs
Jun 18, 2012
The International Accounting Standards Board (IASB) has publicly released a revised work plan updating the expecting timing of various due process steps in its projects. The expected timing of a revised ED in the leases project has been clarified, and a new project added on the comprehensive review of the IFRS for SMEs.
The following is a summary of the changes in the revised work plan, which is dated 14 June 2012:
- Leases - the target date for the re-exposure of the proposals is now fourth quarter of 2012 (previously second half of 2012)
- IFRS for SMEs - comprehensive review 2012-2014 - the updated work plan formally includes this new project which was confirmed at the June 2012 IASB meeting. An Invitation to Comment (later retitled to a Request for Information) is expected in late June or early July, with further due process steps to occur over 2013-2014, and 2015 set as the target effective date for any amendments resulting from the review.
The work plan confirms the following milestones are expected to be reached by the end of June:
- Agenda Consultation - release of Feedback Statement
- General hedge accounting - review draft of finalised IFRS
- IFRS 10 transition guidance - finalised amendment
- Post-implementation review of IFRS 8 - release of a Request for Information
- IFRS for SMEs - comprehensive review 2012-2014 - release of an Invitation to Comment (as noted above).