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IASB's updated work plan formalises plans for finalisation of standards, defers a number of projects

  • IASB (International Accounting Standards Board) (blue) Image

24 Sep 2013

Following its recent meeting, the International Accounting Standards Board (IASB) has updated its work plan. The work plan formalises plans for finalised requirements as being expected in the first or second quarter of 2014 in relation to the impairment of financial instruments and the limited reconsideration of IFRS 9 (classification and measurement). Deferrals have been announced in the finalisation of the IFRS on revenue recognition, a discussion paper on rate regulation, and exposure drafts for a number of narrow scope projects. A number of other changes are also made.

Current status

The revised time table for the major projects is now as follows:

Project Current status Next project step Expected timing
Conceptual Framework — Comprehensive IASB project Discussion paper Redeliberations Q1 2014
Financial instruments — Impairment Redeliberations Finalised IFRS Q1/Q2 2014*
Financial instruments — General hedge accounting Redeliberations Finalised IFRS Q4 2013*
Financial instruments — Macro hedge accounting Research/deliberations Discussion paper Q4 2013*
Financial instruments — Limited reconsideration of IFRS 9 (classification and measurement) Redeliberations Finalised IFRS Q1/Q2 2014*
Insurance contracts Re-exposure Redeliberations Q4 2013
Leases Re-exposure Redeliberations Q4 2013
Rate-regulated activities — interim IFRS Exposure draft Redeliberations Q4 2013
Rate-regulated activities — Comprehensive project Research/deliberations Discussion paper Q1 2014*
Revenue recognition Redeliberations Finalised IFRS Q4 2013*

* Indicates a change since the prior work plan update.

There have also been changes to the timing of a number of narrow scope projects, to defer the expected timing of an exposure draft to the first quarter of 2014:

In addition, the work plan formally includes for the first time a project on proposed amendments to IAS 28 in relation to the elimination of downstream transaction gains.


Next due process documents expected

The following due process documents are expected in the fourth quarter:

Finalised pronouncements

Exposure drafts

Discussion papers

In addition, the publication of a request for information arising from the post-implementation review of IFRS 3 is expected either in the last quarter of 2013 or the first quarter of 2014.

Click for IASB work plan dated 23 September 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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