The International Accounting Standards Board
(IASB) has updated its work plan revising the timing of some of its
projects and formally adding IAS 8 effective date and transition
methods to its project list.
The revised work plan includes:
- Limited reconsideration of IFRS
9 (classification and measurement): the date for the exposure
draft has moved from the first to the fourth quarter of 2012; - Macro hedge accounting: the date hasn’t
changed but the work plan states the IASB’s decision to issue a
discussion paper and not an exposure draft; - IAS 8 effective dates and transition methods:
the work plan adds a topic to its agenda to amend the requirements
in IAS 8 in relation to the disclosures about new and revised
accounting standards; - Annual improvements 2010-2012: the completion
is scheduled for the first quarter of 2013; and, - Investment entities: a target completion date
for the finalised IFRS on the proposed exemption from consolidation
for certain investment entities has been introduced, and is
expected in the second half of 2012.
The IASB confirmed it will complete the
following projects: agenda consultation and the release of a
feedback statement; general hedge accounting and reviewing draft of
finalised IFRS; IFRS 10 transition guidance and issuance of a
finalised amendment, and its post-implementation review of IFRS
8 releasing a request for information all by the end of
June.
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