Technical Plan

Date recorded:

This discussion focussed on the timetable for the IASB's projects. It was noted that a few changes had been made to the plan, as follows:

  • staff have started work on the impairment project, although the timings have yet to be determined;
  • an exposure draft on income taxes is expected in the fourth quarter of 2006 (rather than the third);
  • a discussion paper will be issued prior to issuing an exposure draft in the fair value measurement project. This will push back the timings of the exposure draft and final IFRS;
  • a discussion paper on revenue is expected in the second half of 2007 (rather than the fourth quarter of 2006);
  • a discussion paper will be issued for the conceptual framework project, although the timing has yet to be determined for some aspects;
  • an exposure draft on the SME project is due in the fourth quarter of 2006 (rather than the third quarter); and
  • an exposure draft on puttable instruments has already been issued, in advance of the expected issue date (which was in the fourth quarter of 2006).

In addition, it was noted that roundtable discussions are planned for:

  • phase C of the conceptual framework project (measurement) in the first half of 2007; and
  • liabilities in the fourth quarter of 2006.

There was some discussion about the effective date of new or amended standards. Whilst some preparers object to effective dates too far in the future (on the grounds that there is a longer period with a lack of comparability between entities), some preparers are struggling with some of the current effective dates (for example because there is insufficient time to translate the standards). It was generally agreed that the effective date should be about one year from the date of publication. Occasionally this period might need to be longer or shorter.

In addition, to have a period of stability, the Board agreed that most of the Standards that are due to be published in 2007 would have an effective date of 1 January 2009.

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