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IASB issues work plan update for November 2014

  • IASB (International Accounting Standards Board) Image

Nov 24, 2014

Following its November meeting, the IASB has updated its work plan. The revised plan adds a target date for amendments to IFRS for SMEs (Q1 2015) and a time frame for the comment letter analysis (Q1 2015) on the discussion paper on macro hedging. In addition, an exposure draft (ED) on the clarification of classification and measurement of share-based payment transactions is no longer expected in Q4 2014; instead, the IASB will continue redeliberating the project in Q2 2015. Further, it now expects to issue an ED on the elimination of gains or losses arising from transactions between an entity and its associate or joint venture in Q1 2015 (previously Q4 2014). Lastly, the revised plan includes updates to the expected timing of board discussions for the short-term research projects on business combinations under common control (Q1 2015), discount rate (Q1 2015), emissions trading scheme (Q4 2014 through Q1 2015), equity method (Q4 2014 through Q2 2015), and financial instruments with characteristics of equity (Q4 2014), as well as long-term research project on postemployment benefits (Q1 and Q2 2015).

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

Re­de­lib­er­a­tions

Exposure draft

Q1 2015

Fi­nan­cial in­stru­ments — Macro hedge accounting

Dis­cus­sion paper

Comment letter analysis

Q1 2015*

In­sur­ance con­tracts

Reex­po­sure

Re­de­lib­er­a­tions

Q4 2014

Leases

Reex­po­sure

Target IFRS

H2 2015

Dis­clo­sure ini­tia­tive — Prin­ci­ples of dis­clo­sure

Board dis­cus­sion

Targeted Dis­cus­sion Paper

Q2 2015

Dis­clo­sure ini­tia­tive — Amend­ments to IAS 1

Exposure draft

Target IFRS

Q4 2014

Dis­clo­sure ini­tia­tive — Rec­on­cil­i­a­tion of li­a­bil­i­ties from fi­nanc­ing ac­tiv­i­ties

Re­de­lib­er­a­tions

Exposure draft

Q4 2014

IFRS for SMEs — Com­pre­hen­sive review

Redeliberations

Target IFRS

Q1 2015*

Rate-reg­u­lated ac­tiv­i­ties

Dis­cus­sion paper

Public con­sul­ta­tion

Q4 2014 and Q1 2015

* In­di­cates a change since the previous work plan update on October 28, 2014.

Click for the IASB work plan, dated November 24, 2014, on 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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