IASB updated its work plan
30 November 2010
The IASB has updated its work plan to reflect the changes according to the updated convergence report and to provide more detail on the expected timing of pronouncements.
A summary of the expected timing under the revised work plan is provided below (all pronouncements are finalised standards, unless otherwise noted):
Pronouncements expected by the end of calendar 2010
- hedge accounting (exposure draft);
- amendments to IAS 12 Income Taxes – deferred tax on certain revalued assets;
- amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards – hyperinflation and removal of fixed dates; and
- management commentary (IFRS Practice Statement).
Pronouncements expected in the first quarter of 2011
- financial instruments – impairment and asset/liability offsetting (exposure drafts);
- consolidation, including joint arrangements and disclosure about unconsolidated entities;
- financial statement presentation – other comprehensive income;
- fair value measurement; and
- post-employment benefits.
Pronouncements expected in the second quarter of 2011
- financial instruments – impairment, hedge accounting, asset/liability offsetting,
- leases;
- revenue recognition;
- insurance contracts;
- consolidation of investment companies (exposure draft, standard expected by end of 2011); and
- annual improvements including discontinued operations (exposure draft).
Projects deferred to after June 2011
- joint projects deferred as noted in the progress report - financial statement presentation (comprehensive project), financial statements with characteristics of equity, emissions trading schemes, conceptual framework (reporting entity); and
- other projects - liabilities (replacement for IAS 37), income taxes, rate-regulated activities, extractive activities, common control, earnings per share, government grants and intangible assets.
Press release
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