Updated IASB work plan released
The IASB has released an updated work plan, dated 13 March 2012, incorporating the impacts of recently issued pronouncements and outlining revised 'current best estimates' for its various projects. The expected timing of deliverables on a number of projects have been deferred, and more information about other projects provided.
The following is a summary of the changes in the revised work plan:
- Agenda consultation - a feedback statement now expected in the second quarter of 2012 (previously the first quarter), development of the future strategy now to occur in the second half of calendar 2012
- General hedge accounting - a review draft of general hedge accounting requirements is now expected in the second quarter of 2012 (previously the first quarter), but the targeted completion of the standard remains the second half of 2012
- Macro hedge accounting - a discussion paper or exposure draft now expected in the third or fourth quarter of 2012 (previously third quarter)
- Leases - Re-exposure of the lease accounting proposals is now expected in the third or fourth quarter of 2012 (previously second quarter)
- Annual improvements - the target date for the issue of the exposure draft arising from the 2010-2012 cycle is now second quarter of 2012 (previously the first quarter)
- Post-implementation reviews - the review of IFRS 8 Operating Segments is now expected to result in a Request for Views in the second quarter of 2012, meanwhile the review of IFRS 3 Business Combinations is expected to be initiated during the second quarter of 2012.