Latest IASB work plan tweaks delivery timeframes for a number of projects

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31 May, 2013

The International Accounting Standards Board (IASB) has updated its work plan, following its recent meeting and the issue of a number of pronouncements. The timing of expected milestones have been deferred or clarified in relation to general hedge accounting, annual improvements and other narrow scope projects. Following the issue of the re-exposed leases proposals, the work plan formally schedules the expected commencement of redeliberations in the fourth quarter of 2013.

Summary of changes

Details of the changes are:

Updates to major projects

Updates to narrow-scope projects

  • Annual improvements 2010-2012 — target date for the final amendments arising from this cycle has been moved to the fourth quarter of 2013 (previously third quarter of 2013).  This now means that all outstanding annual improvements cycles will have their next due process document issued in the fourth quarter (i.e. finalised amendments for the 2010-2012 cycle and 2011-2013 cycle, and an exposure draft on the 2012-2014 cycle)
  • IAS 1 – Going concern disclosures — exposure draft is now expected in the fourth quarter of 2013 (previously third or fourth quarter of 2013)
  • IFRS 13 – Unit of account — target date for the exposure draft is now the third quarter of 2013 (previously second quarter of 2013)

Projects where due process documents are expected in the second quarter include an exposure draft on insurance contracts, a discussion paper on the conceptual framework project, a published report on the post-implementation review of IFRS 8 and finalised amendments on the novation of derivatives.  In addition, an exposure draft of proposed amendments to IAS 41 Agriculture on bearer plants is expected to be issued in the second or third quarter of 2013.

Click for IASB work plan dated 30 May 2013 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.

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