IASB work plan update for May 2014

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29 May 2014

Following its recent meeting and the issue of IFRS 15 'Revenue from Contracts with Customers' yesterday, the International Accounting Standards Board (IASB) has updated its work plan. A final pronouncement in the narrow scope project on 'Sales or contributions of assets between an investor and its associate/joint venture’ is now expected in Q3 2014 instead of Q2 2014. The updated work plan also confirms that the narrow scope on 'Share of other net asset changes' has been stopped due to a lack of support.

Current status

The revised time table for the major projects is now as follows:

Project Current status Next project step Expected timing
Conceptual Framework — Comprehensive IASB project Redeliberations Exposure draft Q4 2014
Financial instruments — Impairment Redeliberations Finalised IFRS Q2 2014
Financial instruments — Macro hedge accounting Discussion paper Public consultation Q2 and Q3 2014
Financial instruments — Limited reconsideration of IFRS 9 (classification and measurement) Redeliberations Finalised IFRS Q2 2014
Insurance contracts Re-exposure Redeliberations Q2 2014
Leases Re-exposure Redeliberations Q2 2014
Disclosure initiative — Amendments to IAS 1 Exposure draft Redeliberations Q3 2014
Disclosure initiative — Reconciliation of liabilities from financing activities Redeliberations Exposure draft Q4 2014

* Indicates a change since the prior work plan update.

Changes concerning narrow scope projects are:

Click for the IASB work plan dated 28 May 2014 (link to IASB website). We have updated our project pages to reflect the updated work plan and other known developments.

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