Yesterday, the IASB published an updated work plan that extends the completion dates of the leases and revenue projects to sometime in 2012 and removes the stated targeted completion dates for several other projects, including impairment, insurance, and consolidation (for investment companies). The previous version of the work plan indicated a targeted completion date of the first half of 2012 for a majority of projects.

The table below provides details.

[1] An exposure draft (ED) on the proposed deferral of the mandatory date of IFRS 9, Financial Instruments, is expected during the third quarter of 2011. The IASB has stated that it intends to allow a 60-day comment period on the ED; however, no expected date for finalization of the proposals has been included in the work plan.

[2] The offsetting project is no longer expected to result in a converged accounting model. At its July 22, 2011, meeting, the IASB discussed whether it should continue to develop the model proposed in the ED or retain the existing offsetting requirements in IAS 32, Financial Instruments: Presentation. The IASB voted 8 to 7 not to continue developing the model proposed in the ED; however, it instructed its staff to identify potential ways that IAS 32 could be clarified or supplemented with additional application guidance to address some of the practice issues identified during the course of the project.