IASB updates work plan for recent decisions, new projects
02 Oct 2012
The International Accounting Standards Board (IASB) has publicly released a revised work plan updating the expecting timing of various due process steps in its projects. There are a large number of changes, with deliverables for some projects being deferred, and a number of new projects included for the first time, reflecting recent board decisions. We've prepared a summary of the changes, together with a listing of the projects where a due process document is expected in the near future.
Summary of changes
The following is a summary of the changes in the revised work plan, which is dated 1 October 2012:
- Agenda consultation - the timing for the issuance of the feedback statement from the consultation has been pushed back to the fourth quarter of 2012 (previously third quarter) and development of a strategy introduced during the first half of 2013 (this was previously indicated for the second half of 2012 but was removed in the July update to the work plan)
- Financial instruments - macro hedge accounting - a discussion paper on accounting for macro hedges is now expected in the first half of 2013 (previously second half of 2012)
- Leases - a revised exposure draft is now expected in the first quarter of 2013 (previously fourth quarter of 2012)
- Consolidation - Investment entities - finalisation of the amendments is now expected by the end of 2012 (previously third or fourth quarter of 2012) to accommodate the changes agreed at the September IASB meeting
- Insurance contracts - consistent with the IASB's previously announced decision, a 'targeted' exposure draft is the next due process document to be issued, and is expected in the first half of 2013 (previously a review draft or revised exposure draft was expected in the second half of 2012)
- Annual improvements - the expected timing of due process documents has been pushed out by a quarter, meaning finalised amendments from the 2010-2012 cycle are now expected in the second quarter of 2013 (previously first quarter) and an exposure draft from the 2011-2013 cycle is expected by the end of 2012 (previously third quarter of 2012)
- IAS 8 amendments - an exposure draft remains expected by the end of 2012 (previously third or fourth quarter 2012), but it is expected the staff will recommend to the IASB at its October meeting that publication of the ED should be suspended pending the broader conceptual framework project
- Interpretations - finalised Interpretations are expected on levies to operate in a specific market in the first half of 2013, and on put options over non-controlling interests in the second half of 2013
- New amendments - exposure drafts are expected by the end of 2012 in relation to 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) and IFRS 11 (acquisition of an interest in a joint operation)
- New/reactivated research projects - the IASB expects to issue discussion papers on rate-regulated activities (second half of 2013) and the conceptual framework (first half of 2013), and an exposure draft on bearer biological assets under IAS 41 in the first half of 2013
- Post-implementation reviews - the initiation of the review of IFRS 3 Business Combinations will now not commence before the first quarter of 2013 (previously not before fourth quarter of 2012).
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 8 amendments (possibly to be suspended as noted above)
- 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 1 October 2012 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.
Related Topics
- IFRS 10/IAS 28 — Sales or contributions of assets between an investor and its associate/joint venture
- Agenda consultation 2011
- Annual improvements — 2010-2012 cycle
- Annual improvements — 2011-2013 cycle
- Conceptual Framework — IASB-FASB joint project
- Consolidation — Investment entities
- Financial instruments — Comprehensive project
- Financial instruments — General hedge accounting
- IAS 28 — Reflecting other net asset changes when applying the equity method of accounting
- Financial instruments — Impairment
- Financial instruments — Limited reconsideration of IFRS 9
- IAS 8 — Effective dates and transition methods
- IAS 32 — Put options over non-controlling interests (NCIs)
- IAS 37/IFRIC 6 — Levies charged for participation in a market on a specified date
- Insurance contracts — Comprehensive project
- Leases (IFRS 16)
- Post-implementation review — IFRS 3
- Rate-regulated activities — Comprehensive project
- IAS 41 — Bearer plants
- Financial instruments — Macro hedge accounting
- IFRS 11 — Acquisition of an interest in a joint operation