The IASB revised its work plan updating the expected timing of various due process steps in its projects. The revised work plan contains changes in agenda consultation, financial crisis related projects, MoU projects, and other current projects.
Deloitte has summarised the changes in the revised work plan:
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
Consolidation - Investment entities - finalisation of the amendments is now expected by the end of 2012 (previously third or fourth quarter of 2012).
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.
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.
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, IAS 28 and IFRS 11.
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).
Press release © Deloitte
IASB work plan
© IASB - International Accounting Standards Board
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