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Updated IASB work plan released

  • IASB (International Accounting Standards Board) Image

Mar 13, 2012

The IASB has released an updated work plan dated March 13, 2012, that incorporates the effects of recently issued pronouncements and outlines revised "current best estimates" for its various projects. The expected timing of deliverables on a number of projects has been deferred, and more information about other projects has been provided.

The following is a summary of the changes in the revised work plan:

  • Agenda consultation — A feedback statement is now expected in the second quarter of 2012 (previously the first quarter), development of the future strategy now to occur in the second half of calendar 2012.
  • Financial instruments — hedge accounting:
    • General hedge accounting — A review draft of general hedge accounting requirements is now expected in the second quarter of 2012 (previously the first quarter), but the targeted completion of the standard remains the second half of 2012.
    • Macro hedge accounting — A discussion paper or exposure draft is now expected in the third or fourth quarter of 2012 (previously third quarter).
  • Leases — Reexposure of the lease accounting proposals is now expected in the third or fourth quarter of 2012 (previously second quarter).
  • Annual improvements — The target date for the issue of the exposure draft arising from the 2010–2012 cycle is now second quarter of 2012 (previously the first quarter).
  • Post-implementation reviews — The review of IFRS 8, Operating Segments, is now expected to result in a Request for Views in the second quarter of 2012; meanwhile, the review of IFRS 3, Business Combinations, is expected to be initiated during the second quarter of 2012.

Click for the IASB's work plan as of March 13, 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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