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Technical plan

Date recorded:

The Board discussed their Technical Plan. The following items were noted:

  • Income Taxes: The ED is now scheduled to be published in 4Q2007
  • Business Combinations (Phase II): The timetable for approval of the Standard was very tight, if the Boards are to complete balloting the Standard by 30 June 2007 (when several members of both the IASB and FASB retire). A Board member noted that, while he understood the Board turnover problem, the Ballot Draft must be 'viable' before he would sign his ballot.
  • Conceptual Framework (Phase A): The staff noted that the timetable states that an ED would be published in 3Q2007; this objective might be inconsistent with the need to address issues arising from the Discussion Paper, in particular holding discussions with constituents to resolve the stewardship issue.
  • Emission Trading Schemes: The staff noted that the FASB had added this item to its agenda as a 'short-term issue' and with a scope similar to that of IFRIC 3. The IASB needed to discuss this (and the related project on Government Grants) at the June 2007 IASB meeting.
  • Revenue Recognition: Two teams of IASB and FASB members have been working on developing the opposing views (the 'customer consideration' view and the 'fair value' view) using a common set of examples. Tension points continue to exist around the derecognition of assets and the extinguishment of liabilities. In addition, there continues to be discomfort about when passage of title/ legal ownership is not the appropriate trigger for revenue recognition and some form of performance measure (e.g. percentage of completion accounting) would be appropriate. The work plan has the publication of a discussion paper in 4Q2007 and a discussion of the customer consideration chapter of that paper in June 2007. One Board member thought that timing was 'hopelessly silly.'
  • Conceptual Framework (Phase D-reporting entity): Sweep issues may come to the Board early in 2Q2007; however the project team is confident that it has all the information necessary to complete the Discussion Paper later in 2Q2007.
  • Post-retirement Benefits: A Board member challenged the reasonableness of the timing of the Discussion Paper. The Board member noted that the cash-balance plans part of the project was particularly troublesome and the Board might not complete its discussions until September 2007; this would still enable publication of the Discussion Paper in 4Q2007.
  • Derecognition: Board members asked whether the Research Report would be published. The staff stated that they hoped it would be, but that the Memorandum of Understanding requires the Boards only to 'consider' it. As it is the first Research Report published by the Board, appropriate procedures are still being developed.
The revised Technical Plan will be posted to the IASB Website shortly and reproduced in the next issue of IASB Insight.

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