IASB work plan update for May 2014
29 May, 2014
Following its recent meeting and the issue of IFRS 15 'Revenue from Contracts with Customers' yesterday, the International Accounting Standards Board (IASB) has updated its work plan. A final pronouncement in the narrow scope project on 'Sales or contributions of assets between an investor and its associate/joint venture’ is now expected in Q3 2014 instead of Q2 2014. The updated work plan also confirms that the narrow scope on 'Share of other net asset changes' has been stopped due to a lack of support.
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 |
| Disclosure initiative — Amendments to IAS 1 | Exposure draft | Redeliberations | Q3 2014 |
| Disclosure initiative — Reconciliation of liabilities from financing activities | Redeliberations | Exposure draft | Q4 2014 |
* Indicates a change since the prior work plan update.
Changes concerning narrow scope projects are:
- IFRS 10/IAS 28 — Sales or contributions of assets between an investor and its associate/joint venture — a final pronouncement is now expected in Q3 2014;
- IAS 28 — Reflecting other net asset changes when applying the equity method of accounting — the work plan confirms that this project has been stopped.
Click for the IASB work plan dated 28 May 2014 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.
