Updated IASB work plan released
21 Dec 2011
The IASB has released an updated work plan, dated 20 December 2011, incorporating the impacts of recently issued pronouncements and outlining revised 'current best estimates' for its various projects. A number of projects has been deferred, the expected timing of other projects more precisely defined, and deadlines for finalisation of IFRSs on leases and revenue recognition projects now not explicitly stated within the timeframes outlined (so now not expected before the end of 2012).
The following is a summary of the revised work plan:
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Financial instruments:
- Impairment - re-exposure clarified as being expected in the second quarter of 2012 (previously first half 2012)
- Macro hedge accounting - an exposure draft on macro hedge accounting now due in third quarter 2012 (deferred from possible issue in first half of 2012)
- General hedge accounting - a review draft of general hedge accounting requirements now expected in the first quarter of 2012 (previously fourth quarter 2011), with the targeted completion clarified as the second quarter of 2012 (previously first half of 2012)
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Other core projects:
- Leases - re-exposure clarified as being expected in the second quarter of 2012 (previously first half 2012), no stated target date for a finalised IFRS (previously second half of 2012)
- Revenue recognition - no stated target date for a finalised IFRS (previously second half of 2012)
- Insurance contracts - review draft or re-exposure clarified as being expected in the second quarter of 2012 (previously first half of 2012), no target date set for a finalised IFRS
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Post-implementation reviews – there have been no changes in the indicative timing for the following reviews:
- IFRS 8 Operating Segments - review initiated in 2011, target completion in 2012
- IFRS 3 Business Combinations - review to be initiated in 2012
- Agenda Consultation - a 'Feedback Statement' and roundtables are expected in the first quarter of 2012, with agenda decisions made during the course of 2012
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Other projects:
- 2009-2011 annual improvements cycle - expected finalisation clarified as being in the second quarter of 2012 (previously first half of 2012)
- 2010-2012 annual improvements cycle - exposure draft expected in the first quarter of 2012 (previously fourth quarter of 2011)
- 2011-2013 annual improvements cycle - exposure draft expected third quarter of 2012 (newly added project)
- IFRS 1 amendments for government loans - no stated expected completion date
- Exemption from consolidation for investment entities - introduction of roundtables in the first quarter of 2012 (see our earlier story)
- IFRS 10 transitional guidance - expected finalisation in the second quarter of 2012 (newly added project)
Click for IASB work plan as of 20 December 2011 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.
Related Topics
- Post-implementation review — IFRS 8
- Revenue recognition
- Financial instruments — Macro hedge accounting
- Agenda consultation 2011
- Annual improvements — 2009-2011 cycle
- Annual improvements — 2010-2012 cycle
- Annual improvements — 2011-2013 cycle
- Consolidation — Investment entities
- Financial instruments — Comprehensive project
- Financial instruments — General hedge accounting
- Financial instruments — Impairment
- IFRS 10 — Transitional requirements
- Insurance contracts — Comprehensive project
- Leases (IFRS 16)
- Post-implementation review — IFRS 3
