IASB work plan updated
05 Feb, 2013
The International Accounting Standards Board (IASB) has updated its work plan. A number of due process milestones have been deferred, including the finalisation of the hedge accounting section of IFRS 9 and the re-exposure of the lease proposals. A number of other expected dates have been clarified, a new project added, and some new expected dates introduced.
Details of the changes are:
- Financial instruments - general hedge accounting - target date for issue of this section of IFRS 9 Financial Instruments is now the second quarter of 2013 (previously first quarter)
- Leases - target date for the issue of a revised exposure draft is now the second quarter of 2013 (previously first quarter)
- Revenue recognition - timing of a finalised IFRS clarified as being in the second quarter of 2013 (previously first half of 2013)
- Rate regulated activities - a new process step for the comprehensive phase of this project has been introduced, with a Request for Information expected in the second quarter of 2013, before a discussion paper is issued in the second half of 2013 (timing of the discussion paper is unchanged)
- IAS 39/IFRS 9 - Novation of OTC derivatives and continuing designation for hedge accounting - a new narrow scope and fast-tracked project (arising from discussions at the January IASB meeting) to allow the continuation of the existing hedging relationship where certain over the counter (OTC) derivatives are novated. An exposure draft is expected in the first quarter of 2013
- IAS 41- Bearer biological assets - timing of the issue of an exposure draft clarified as the second quarter of 2013 (previously first half of 2013)
- IAS 36 - Recoverable amount disclosures for non-financial assets - following the recent publication of an exposure draft, a newly introduced target date for finalisation of the amendments of the second quarter of 2013
- IAS 27 - Equity method in separate financial statements - timing of the issue of an exposure draft clarified as the second quarter of 2013 (previously first half of 2013)
- Post-implementation review of IFRS 8 - a report arising from the review is expected to be published in the second quarter of 2013.
Click for IASB work plan as of 4 February 2013 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.
Related Topics
- Financial instruments — General hedge accounting
- IAS 27 — Equity method in separate financial statements
- IAS 36 — Recoverable amount disclosures for non-financial assets
- IAS 39/IFRS 9 — Novation of OTC derivatives and continuing designation for hedge accounting
- IAS 41 — Bearer plants
- Leases (IFRS 16)
- Rate-regulated activities — Comprehensive project
- Revenue recognition
- Post-implementation review — IFRS 8