IASB updates work plan to reflect recent decisions

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27 Jul 2011

The IASB has published an updated work plan, reflecting recently issued documents and incorporating the effects of its recent decisions.

With the recent decisions to re-expose of the leases and revenue recognition proposals and developments in a number of other projects, the timetable for completion of many projects has been extended. The previous version of the work plan indicated a targeted completion date of an IFRS for the majority of the projects in the first half of 2012. The revised work plan states the finalisation of the various IFRSs is now expected sometime in 2012, with some projects now having no stated targeted completion date.

The following is a summary of the revised timing of projects:

  • Revenue recognition – re-exposure remains expected in the third quarter of 2011 (as previously announced), final IFRS in 2012
  • Leasesre-exposure is now expected in the fourth quarter of 2011 (previously third quarter), final IFRS in 2012
  • Financial instruments:
    • re-exposure or a review draft of the proposals on impairment remains expected in the second half of 2011, no stated target date for finalisation of an IFRS
    • finalised IFRS on general hedge accounting remains targeted for the fourth quarter of 2011
    • an exposure draft on macro hedge accounting is now expected to be published either late in 2011, or in 2012 (previously expected by the end of 2011), no stated target date for finalisation of an IFRS
    • finalised IFRS on asset and liability offsetting now targeted for the fourth quarter of 2011 (previously third quarter, see also the discussion at the IASB's July meeting on this topic)
    • an exposure draft on the proposed deferral of the mandatory date of IFRS 9 is expected during the third quarter of 2011. The IASB has stated an intention to allow a 60 day comment period on the exposure draft, but no expected date for finalisation of the proposals has been included in the work plan
  • Consolidation – the timetable for the issue of the exposure draft on investment companies has been extended to August (on the same day as the FASB proposals, previously expected in July), no stated target date for finalisation of an IFRS
  • Insurance contracts – the board now expects to re-expose the proposals or issue a review draft, either in the fourth quarter of 2011 or in 2012, no stated target date for finalisation of an IFRS (previously expected in the first half of 2012)
  • Agenda consultation – the work plan has been updated to reflect the comment period for the agenda consultation document issued yesterday. The consultation document indicates the IASB is expected to start discussions in the first quarter of 2012, and expects to publish a comment summary and feedback statement during 2012.


Click for access to the updated workplan (link to the IASB website).

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