Current status

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

* 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:

• IAS 1 — Disclosure initiative
• IAS 1 — Disclosure about going concern (now combined with the disclosure initiative project)
• IAS 32 — Put options over non-controlling interests (NCIs)
• IFRS 13 — Unit of account

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

• Financial instruments — General hedge accounting
• Revenue recognition
• Annual improvements — 2010-2012 cycle
• Annual improvements — 2011-2013 cycle
• IAS 16/IAS 38 — Acceptable methods of depreciation and amortisation
• IAS 19 — Employee contributions to defined benefit plans
• IAS 28 — Reflecting other net asset changes when applying the equity method of accounting
• IFRS 10/IAS 28 — Sales or contributions of assets between an investor and its associate/joint venture
• IFRS 11 — Acquisition of an interest in a joint operation

Exposure drafts

• Annual improvements — 2012-2014 cycle
• IAS 12 — Recognition of deferred tax assets for unrealised losses
• IAS 27 — Equity method in separate financial statements

Discussion papers

• Financial instruments — Macro hedge accounting

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.