IASB issues second work plan update for July

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30 Jul, 2014

Following its July meeting, the International Accounting Standards Board (IASB) has again updated its work plan. The revised plan updates the expected redeliberation periods in the insurance contacts, leases and IFRS for SMEs projects, and extends the expected timing for the exposure draft in the conceptual framework project. The plan also reflects the IASB's decision to discontinue the 2013-2015 cycle of annual improvements in favour of a new 2014-2016 cycle, and updates the expected timing of board discussions on a number of research projects.


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 Q1 2015*
Financial instruments — Macro hedge accounting Discussion paper Public consultation Q3 2014*
Insurance contracts Re-exposure Redeliberations Q3 and Q4 2014*
Leases Re-exposure Redeliberations Q3 and Q4 2014*
Disclosure initiative — Principles of disclosure Agenda decision Board discussion Q3 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
IFRS for SMEs — Comprehensive review Exposure draft Redeliberations Q4 2014*

* Indicates a change since the previous work plan update on 24 July 2014.

The IASB expects to issue an exposure draft in the newly introduced 2014-2016 cycle of annual improvements in the second quarter of 2015.  This exposure draft will carry over the one amendment originally expected to be included in the now discontinued 2013-2015 cycle.  Apart from these changes to the annual improvements projects, there are no other changes in expected timing of the narrow-scope projects. 

In addition to the principles of disclosure research project noted above, the expected timing of board discussion has been deferred for the following research projects:

Click for the IASB work plan dated 30 July 2014 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.

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