IASB issues updated work plan
Jun 08, 2012
The International Accounting Standards Board (IASB) has publicly released a revised work plan updated the expecting timing of various due process steps in its projects. A number of expected timing of some projects have been deferred or clarified, and the IASB has formally added a project on IAS 8 effective date and transition methods.
The following is a summary of the changes in the revised work plan, which is dated 1 June 2012:
- Limited reconsideration of IFRS 9 (classification and measurement) - the target date for the exposure draft is now expected in the fourth quarter of 2012 (previously second half of 2012)
- Macro hedge accounting - the target date for a consultative document remains the second half of 2012, however the work plan now confirms the IASB's decision to issue a Discussion Paper rather than an Exposure Draft
- IAS 8 effective dates and transition methods - the work plan reflects the IASB's recent decision (at the May IASB meeting) to add a topic to its agenda to amend the requirements in IAS 8 in relation to the disclosures about new and revised accounting standards
- Annual improvements 2010-2012 - the target completion date for this cycle of annual improvements (for which the exposure draft was recently issued) has now been scheduled for the first quarter of 2013 (previously not scheduled)
- Investment entities - a target completion date for the finalised IFRS on the proposed exemption from consolidation for certain investment entities has been introduced, and is expected in the second half of 2012.
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.
- Agenda consultation 2011
- Annual improvements — 2010-2012 cycle
- Consolidation — Investment entities
- Financial instruments — General hedge accounting
- Financial instruments — Limited reconsideration of IFRS 9
- IAS 8 — Effective dates and transition methods
- IFRS 10 – Transitional requirements
- Post-implementation review — IFRS 8
- Financial instruments — Macro hedge accounting