IASB updates work plan for October meeting decisions
21 Oct 2012
The International Accounting Standards Board (IASB) has publicly released a revised work plan reflecting changes as a result of decisions made at its October 2012 meeting. The project on IAS 8 effective dates and transition has been removed, and a new project on revenue-based methods of depreciation under IAS 16 and IAS 38 added (splitting it out from the annual improvements 2011-2013 cycle).
Background to the changes
At its October meeting, the IASB tentatively decided that the ballot draft on amendments to IAS 8 to be withdrawn and the narrow scope project removed from the IASB work plan. Issues arising from the project may instead be dealt with in an upcoming disclosure forum and as part of the Conceptual Framework project.
At the meeting, the IASB also discussed the forthcoming exposure draft on the 2011-2013 annual improvements cycle and noted concerns of the Due Process Oversight Committee within the last Trustees meeting that the amendments to IAS 16 and IAS 38 regarding revenue-based depreciation may not meet the annual improvements criteria. Accordingly, the Board decided to expose the proposals on IAS 16 and IAS 38 as a separate exposure draft.
Due process documents expected before the end of 2012
The following due process documents are expected to be issued by the end of 2012 (this includes those items already noted above in some cases):
- Finalised standards, amendments or other pronouncements
-
Exposure drafts
- Financial instruments - Limited reconsideration of IFRS 9
- Financial instruments - Impairment
- Annual improvements - 2011-2013 cycle
- IAS 16/IAS 38 - Revenue-based methods of depreciation
- IFRS 10/IAS 28 - Sales or contributions of assets between an investor and its associate/joint venture
- IAS 28 - Reflecting other net asset changes when applying the equity method of accounting
- IFRS 11 - Acquisition of an interest in a joint operation
-
Other documents
- Agenda consultation feedback statement.
Click for IASB work plan as of 19 October 2012 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.
Related Topics
- IAS 8 — Effective dates and transition methods
- IAS 16/IAS 38 — Acceptable methods of depreciation and amortisation
- Agenda consultation 2011
- Annual improvements — 2011-2013 cycle
- Consolidation — Investment entities
- Financial instruments — General hedge accounting
- Financial instruments — Impairment
- Financial instruments — Limited reconsideration of IFRS 9
- IAS 28 — Reflecting other net asset changes when applying the equity method of accounting
- IFRS 10/IAS 28 — Sales or contributions of assets between an investor and its associate/joint venture
- IFRS 11 — Acquisition of an interest in a joint operation