Summary of changes

Details of the changes are:

Updates to major projects

• Financial instruments - Limited reconsideration of IFRS 9 - redeliberations are now expected in the second and third quarters of 2013 (previously second quarter)
• Financial instruments - Impairment - redeliberations are announced as being expected in the third quarter of 2013
• Financial instruments - General hedge accounting - finalisation of this chapter of IFRS 9 is now expected in the second or third quarter of 2013 (previously second quarter)
• Financial instruments - Macro hedge accounting - a discussion paper is now expected in the second or third quarter of 2013 (previously first or second quarter)
• Rate regulated activities - the expected timing of a request for information on the comprehensive phase of this project has been brought forward to the first quarter of 2013 (previously second quarter)

Newly added narrow-scope projects

• IAS 1 - Going concern disclosures - a newly introduced project following discussions at the March 2013 meeting, with an exposure draft expected in the second or third quarters of 2013
• IAS 19 - Discount rate - this project has been added following discussions at the February 2013 IASB meeting and March 2013 IFRS Interpretations Committee meeting, with an exposure draft expected in the third quarter of 2013
• IFRS 13 - Unit of account - a newly introduced project following discussions at the March 2013 meeting, with an exposure draft expected in the second quarter of 2013

Updates to narrow-scope projects

• IAS 19 - Employee contributions to defined benefit plans - introduction of an expected date for the finalisation of the amendments of the fourth quarter of 2013
• IAS 28 - Reflecting other net asset changes when applying the equity method of accounting - finalised amendments are now expected in the fourth quarter of 2013 (previously third quarter)
• IAS 32 - Put options written over non-controlling interests - newly introduced target date for an exposure draft of amendments to IAS 32 of the third or fourth quarters of 2013 (following a decision by the IASB to recommend to the IFRS Interpretations Committee not to finalise its draft Interpretation)
• IAS 39/IFRS 9 - Novation of OTC derivatives and continuing designation for hedge accounting - formal introduction of a target date for finalisation of the amendments in the second or third quarter of 2013
• IFRS 10/IAS 28 - Sales or contributions of assets between an investor and its associate/joint venture - finalised amendments from this narrow scope project are now expected in the fourth quarter of 2013 (previously third quarter).

A large number of due process documents are expected in the second or third quarters.  Projects where exposure drafts are expected in the second quarter include insurance contracts, leases, rate-regulated activities (interim IFRS).  In addition, the finalised IFRS on revenue recognition is expected to be finalised by the end of June 2013, and a discussion paper on the IASB's conceptual framework project is also expected within the same time frame.  In addition, due process documents in a number of other projects are expected in the second or third quarters.

Click for IASB work plan dated 25 March 2013 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.