The What's New Alert (PDF 127k) summarises a current exposure draft that may be approved with retrospective effective dates before an entity's financial statements for 31 March 2009 are authorised for issue. The Alert identifies two 'big picture issues' for March 2009:

• The impact of the 'credit crunch' on financial reporting, including such areas as fair value and impairment, classification of debt as current or non-current, foreign exchange exposures, and associated disclosure requirements.
• Whether piecemeal early adoption of the standards comprising 'the next wave of IFRS' should be considered, or left to a 'big bang' for 2009/10 periods. These include new or revised standards on segment reporting, borrowing costs, financial statement presentation, share-based payment, business combinations, and consolidated and separate financial statements.