IASB work plan update for April 2014
30 Apr, 2014
Following its recent meeting, the International Accounting Standards Board (IASB) has updated its work plan. Significant updates include (1) the addition of the public consultation period for the macro hedge accounting discussion paper, (2) extension of redeliberations on insurance contracts and leases to the second quarter of 2014, (3) move of rate regulation project from a major project to a research project, and (4) move of the disclosure initiative from a narrow-scope project to a major project with an exposure draft on net debt (now called ‘reconciliation of liabilities from financing activities’) expected in the fourth quarter of 2014 and redeliberations on the amendments to IAS 1 to begin in the third quarter of 2014. The finalised standard for revenue recognition is expected to be issued in the second half of May 2014.
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 | Redeliberations | Exposure draft | Q4 2014 |
| Financial instruments — Impairment | Redeliberations | Finalised IFRS | Q2 2014† |
| Financial instruments — Macro hedge accounting | Discussion paper | Public consultation | Q2 and Q3 2014* |
| Financial instruments — Limited reconsideration of IFRS 9 (classification and measurement) | Redeliberations | Finalised IFRS | Q2 2014† |
| Insurance contracts | Re-exposure | Redeliberations | Q2 2014* |
| Leases | Re-exposure | Redeliberations | Q2 2014* |
| Rate-regulated activities‡ | Research / deliberations | Discussion paper | Q2 or Q3 of 2014* |
| Disclosure initiative — Amendments to IAS 1 | Exposure draft | Redeliberations | Q3 2014* |
| Disclosure initiative — Reconciliation of liabilities from financing activities | Redeliberations | Exposure draft | Q4 2014* |
| Revenue recognition | Redeliberations | Finalised IFRS | Q2 2014 |
* Indicates a change since the prior work plan update.
† According to the April 2014 summary of the DPOC meeting, this may change to the beginning of the third quarter 2014.
‡ Now a research project.
Changes concerning narrow scope projects are:
- Equity Method in Separate Financial Statements — a final pronouncement is now expected in Q2 2014;
- Clarification of Acceptable Methods of Depreciation and Amortisation — target IFRS moved from first to second quarter of 2014;
- The EDs on Elimination of gains or losses arising from transactions between an entity and its associate or joint venture and Recognition of Deferred Tax Assets for Unrealised Losses have been moved back by one quarter to Q3 2014;
- A new project has been added to the work plan regarding a topic that came up from IFRIC (Clarifications of classification and measurement of share based payment transactions) – an exposure draft expected in Q3 2014.
Click for the IASB work plan dated 30 April 2014 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.
Related Topics
- IAS 27 — Equity method in separate financial statements
- IAS 28 — Elimination of gains arising from 'downstream' transactions
- IAS 12 — Recognition of deferred tax assets for unrealised losses
- IFRS 2 — Clarifications of classification and measurement of share based payment transactions
- IAS 16/IAS 38 — Acceptable methods of depreciation and amortisation
