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IASB work plan update for February 2014

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

25 Feb 2014

Following its recent meeting, the International Accounting Standards Board (IASB) has updated its work plan. The final IFRS on revenue recognition is now expected in the second quarter of 2014. The Exposure Drafts (EDs) on the elimination of gains arising from ‘downstream’ transactions and on the unit of account have been delayed to the second quarter of 2014, as has been the final IFRS on sale or contribution of assets between an investor and its associate or joint venture. The expected redeliberation periods in a number of projects have been clarified (among the conceptual framework) and a public consultation on the post implementation review of IFRS 3 has been added to the agenda.

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

Q2 2014

Financial instruments — Macro hedge accounting

Research/deliberations

Discussion paper

Q1 2014

Financial instruments — Limited reconsideration of IFRS 9 (classification and measurement)

Redeliberations

Finalised IFRS

Q2 2014

Insurance contracts

Re-exposure

Redeliberations

Q1 2014

Leases

Re-exposure

Redeliberations

Q1 2014

Rate-regulated activities — Comprehensive project

Research/deliberations

Discussion paper

Q2 2014

Revenue recognition

Redeliberations

Finalised IFRS

Q2 2014*

* Indicates a change since the prior work plan update.

Changes concerning narrow scope projects are:

Click for the IASB work plan dated 25 February 2014 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.

Correction list for hyphenation

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