IASB work plan revised

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20 Dec, 2012

The International Accounting Standards Board (IASB) has released a revised work plan, reflecting the outcomes from the IASB's Agenda Consultation 2011 and other IASB decisions. A number of new projects have been added to the agenda, and new target dates introduced or clarified for many other projects.

Details of the changes from the previous work plan dated 4 December 2012 are as follows:

New projects

  • Rate-regulated activities - inclusion of this project in the active agenda, to be completed in two phases: an interim IFRS (exposure draft expected in first or second quarter 2013) and a comprehensive project (discussion paper expected in the second half of 2013).
    This dual approach is the result of much debate on this contentious topic. Over the past few years, several jurisdictions adopting IFRS for the first time or considering the adoption of IFRS, including Canada, have come out very vocal in support of an interim standard (and possibly final standard) that would allow grandfathering of existing accounting practice upon adoption of IFRS. These views have often been in conflict with the views of other jurisdictions that already adopted IFRSs and having already changed their accounting for regulatory asset and liabilities, they are generally not supportive of exceptions or changes being made for new adopters. The IASB is balancing the desire to have Canada (where companies with rate regulated activities still have not adopted IFRSs) and other jurisdictions fully adopt IFRSs without amendment with the views of those jurisdictions already using IFRSs. Thus the IASB decided (after much debate) to proceed with the issuance of an exposure draft for an interim standard that will allow some sort of grandfathering in addition to their prior decision arising from the Agenda Consultation process to proceed with a comprehensive project on rate regulated activities.  There is no certainty at this early stage about what the ultimate outcome will be for either project.
  • IAS 12 — Deferred tax assets for unrealised losses - a new project split out separately from the annual improvements process, as was decided at the December IASB meeting, with an exposure draft expected in the fourth quarter of 2013
  • IAS 36 — Recoverable amount disclosures for non-financial assets - a narrow scope amendment designed to clarify relevant disclosure requirements, which the IASB agreed at its December meeting would be fast tracked as an amendment outside the annual improvements process in an attempt to finalise the amendment as timely as possible. An exposure draft is expected in the first quarter of 2013.

Clarification of target dates on other projects

Click for IASB work plan dated 19 December 2012 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.

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