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IASB issues updated work plan with slight clarification of timings and a new project on the IFRS for SMEs

  • IASB (International Accounting Standards Board) Image

Jun 18, 2012

The IASB has released a revised work plan updating the expecting timing of various due process steps in its projects. The expected timing of a revised ED in the leases project has been clarified, and a new project has been added on the comprehensive review of the "IFRS for SMEs."

The following is a summary of the changes in the revised work plan, dated June 14, 2012:

  • Leases — The target date for the reexposure of the proposals is now fourth quarter of 2012 (previously second half of 2012).
  • IFRS for SMEs — comprehensive review 2012–2014 — The updated work plan formally includes this new project, which was confirmed at the June 2012 IASB meeting. An Invitation to Comment (later retitled to a Request for Information) is expected in late June or early July, with further due process steps to occur over 2013–2014, and 2015 is set as the target effective date for any amendments resulting from the review.

The work plan confirms the following milestones are expected to be reached by the end of June:

Click for the IASB work plan as of June 14, 2012 (link to the IASB's Web site). We have updated our project pages to reflect the updated work plan and other known developments.

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