The International Accounting Standards Board
(IASB) has made adjustments to its work plan as a result of the
delay in the IASB/FASB convergence project.

The IASB and the US Financial Accounting
Standards Board were set to complete the convergence project by
June 2011, but in April they reset the deadline to the end of 2011,
to incorporate feedback on the exposure drafts of the converged
standards.

According to the amended IASB work plan,
finalised IFRSs on impairment, hedge accounting and asset and
liability offsetting are expected in the third quarter of 2011.

The IASB said an exposure draft on portfolio
hedging will be issued in the second half of 2011.

The IASB will then finalise IFRSs on leases,
revenue recognition and insurance contract in the last quarter of
this year. Next month an exposure draft on annual improvements and
consolidation of investment companies will also be released.

A week ago the IASB completed the process of
improving accounting requirements for off-balance
sheet activities and joint arrangements (IFRS 10, 11 and
12).

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The IASB and the FASB have also issued
guidance on fair value measurement and disclosure applicable to
IFRSs and US GAAP.