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IASB und FASB decelerate three projects

  • IASB FASB (combined) Image

25 Oct 2010

During their joint meeting in October 2010, the IASB and the FASB deliberated the projects Reporting Entity (Conceptual Framework, phase D), Financial Statement Presentation and Financial Instruments with Characteristics of Equity (Liabilities and Equity) against the background of the Boards' entire work plan.

Both boards concluded that all three projects deserve much more attention than the current Boards' capacity allows. As a consequence, in the view of the IASB and the FASB, the deferral is inevitable, though changes to the work plan have not been decided by the boards yet.

In particular, the project on Financial Instruments with Characteristics of Equity which attracted much attention from constituents in Germany and New Zealand seems to have been sidelined. Thus, neither targeted changes to IAS 32 (e.g. puttable instruments, convertibles, and non-controlling interest) – as signalled recently – nor a proposal of a fundamental new classification principle for equity can be expected before June 2011.

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