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IASB's updated work plan formalizes plans for finalization of standards, defers a number of projects

  • IASB (International Accounting Standards Board) Image

Sep 24, 2013

Following its recent meeting, the IASB has updated its work plan. The work plan formalizes plans for finalized requirements as being expected in the first or second quarter of 2014, in relation to the impairment of financial instruments and the limited reconsideration of IFRS 9 (classification and measurement). Deferrals have been announced in the finalization of the IFRS on revenue recognition, a discussion paper on rate regulation, and exposure drafts for a number of narrow scope projects. A number of other changes are also made.

Current status

The revised timetable for the major projects is now as follows:

Project Current status Next project step Expected timing
Conceptual Framework — Comprehensive IASB project Discussion paper Redeliberations Q1 2014
Financial instruments — Impairment Redeliberations Finalized IFRS Q1/Q2 2014*
Financial instruments — General hedge accounting Redeliberations Finalized IFRS Q4 2013*
Financial instruments — Macro hedge accounting Research/deliberations Discussion paper Q4 2013*
Financial instruments — Limited reconsideration of IFRS 9 (classification and measurement) Redeliberations Finalized IFRS Q1/Q2 2014*
Insurance contracts Reexposure Redeliberations Q4 2013
Leases Reexposure Redeliberations Q4 2013
Rate-regulated activities — interim IFRS Exposure draft Redeliberations Q4 2013
Rate-regulated activities — Comprehensive project Research/deliberations Discussion paper Q1 2014*
Revenue recognition Redeliberations Finalized IFRS Q4 2013*

* Indicates a change since the prior work plan update.

There have also been changes to the timing of a number of narrow scope projects, to defer the expected timing of an exposure draft to the first quarter of 2014:

In addition, the work plan formally includes for the first time a project on proposed amendments to IAS 28 in relation to the elimination of downstream transaction gains.

Next due process documents expected

The following due process documents are expected in the fourth quarter:

Finalized pronouncements

Exposure drafts

Discussion papers

In addition, the publication of a request for information arising from the post-implementation review of IFRS 3 is expected either in the last quarter of 2013, or the first quarter of 2014.

Click for IASB work plan dated September 23, 2013 (link to IASB Web site). We have updated our project pages to reflect the updated work plan and other known developments.

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