IASB work plan update for June 2014
24 Jun, 2014
Following its recent meeting, the International Accounting Standards Board (IASB) has updated its work plan. Given that the second quarter of 2014 will end next Monday, most consultation documents that were still marked as expected in the second quarter have been moved to the third quarter 2014 and as a consequence some other projects have been moved to the fourth quarter. The only pronouncement still expected in June are the IAS 41 amendments regarding bearer plants.
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 | Q3 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 | Q3 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:
- Annual improvements — 2012-2014 cycle — a final pronouncement is expected in Q3 2014;
- IFRS 2 — Clarifications of classification and measurement of share based payment transactions — an exposure draft is now expected in Q4 2014;
- IAS 1 — Classification of liabilities — an exposure draft is now expected in Q4 2014;
- IAS 28 — Elimination of gains arising from 'downstream' transactions — an exposure draft is now expected in Q4 2014;
- IAS 27 — Equity method in separate financial statements — a final pronouncement is now expected in Q3 2014;
- IFRS 13 — Unit of account — an exposure draft is now expected in Q3 2014;
- IFRS 10/IAS 28 — Investment entity amendments — redeliberations will begin in Q4 2014;
- Post-implementation review — IFRS 3 — deliberations will begin in Q3 2014.
Click for the IASB work plan dated 24 June 2014 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.
Related Topics
- IFRS 13 — Unit of account
- Post-implementation review — IFRS 3
- Annual improvements — 2012-2014 cycle
- Financial instruments — Impairment
- Financial instruments — Limited reconsideration of IFRS 9
- IAS 1 — Classification of liabilities
- IAS 27 — Equity method in separate financial statements
- IAS 28 — Elimination of gains arising from 'downstream' transactions
- IFRS 2 — Clarifications of classification and measurement of share based payment transactions
- IFRS 10/IAS 28 — Investment entity amendments
