IASB work plan update for February 2014
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 |
|---|---|---|---|
|
Discussion paper |
Redeliberations |
Q1 2014* |
|
|
Redeliberations |
Finalised IFRS |
Q2 2014 |
|
|
Research/deliberations |
Discussion paper |
Q1 2014 |
|
|
Financial instruments — Limited reconsideration of IFRS 9 (classification and measurement) |
Redeliberations |
Finalised IFRS |
Q2 2014 |
|
Re-exposure |
Redeliberations |
Q1 2014 |
|
|
Re-exposure |
Redeliberations |
Q1 2014 |
|
|
Research/deliberations |
Discussion paper |
Q2 2014 |
|
|
Redeliberations |
Finalised IFRS |
Q2 2014* |
* Indicates a change since the prior work plan update.
Changes concerning narrow scope projects are:
- A final IFRS on sales or contributions of assets between an investor and its associate/joint venture is now expected in the second quarter of 2014;
- an ED on the unit of account is now expected in the second quarter of 2014;
- an ED on the elimination of gains arising from 'downstream' transactions is now expected in the second quarter of 2014;
- redeliberations in the 2012-2014 cycle of annual improvements have been clarified to take place in the second quarter of 2014;
- redeliberations on the proposed amendments to IAS 27 to allow the equity method in separate financial statements will be completed by the end of the first quarter of 2014;
- next steps in the project on put options over non-controlling interests will now be determined in the second quarter of 2014;
- a project to clarify the classification of liabilities under IAS 1 has been formally added to the agenda, with an exposure draft expected in the third quarter of 2014; and
- a public consultation in connection with the post-implementation review of IFRS 3 has been added to the IASB's agenda for the second quarter of 2014.
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.
Related Topics
- IAS 1 — Classification of liabilities
- Annual improvements — 2012-2014 cycle
- Conceptual Framework — Comprehensive IASB project
- IAS 27 — Equity method in separate financial statements
- IAS 28 — Elimination of gains arising from 'downstream' transactions
- IAS 32 — Put options over non-controlling interests (NCIs)
- IFRS 10/IAS 28 — Sales or contributions of assets between an investor and its associate/joint venture
- IFRS 13 — Unit of account
- Post-implementation review — IFRS 3
- Revenue recognition
