IASB Work Plan

The Work Plan below has been updated following the decisions made at the IASB meeting in December 2007 and reflects the objectives of the Memorandum of Understanding with the FASB which sets out a roadmap for convergence between IFRSs and US GAAP for the period 2006 - 2008.

Click here to download a copy of the IASB Work Plan.

Follow the link for information on the MoU.

For more information on the projects on the Work Plan, click on the project links embedded in the table below. 

 

  IASB Work Plan – Projected timetable as at 31 December 2007

The timetable shows the current best estimate of document publication dates. The effective date of amendments and new standards is usually 6-18 months after publication date. However, except for the items listed in the section ‘Amendments to standards’, the effective date of IFRSs resulting from the current work plan will be no earlier than financial periods beginning 1 January 2009. In appropriate circumstances, early adoption of new standards will be allowed.

 

MoU milestone by 2008

2008

2008

2008

2008

2009

Timing yet to be determined

 Q1

Q2

Q3

Q4

 

ACTIVE AGENDA

Projects in Memorandum of Understanding (MoU) with the FASB [Note 1]

Short-term convergence projects

Government grants
[Note 2]

(IASB)

Determine whether major differences should be eliminated and substantially complete work

Pending work on Liabilities

Joint ventures

(IASB)

 

 IFRS

 

Impairment

(Joint)

Staff work in progress

Income tax

(Joint)

ED

 IFRS

       

Investment properties

(FASB)

Research and development

(FASB)

Subsequent events

(FASB)

Other convergence projects

Consolidation

Work towards converged standards

 

 

DP

 

 

ED, IFRS

Fair value measurement guidance

Converged guidance

 

RT

 

 

 ED

IFRS

Financial statement presentation

One or more due process documents

 DP

 

ED, IFRS

Revenue recognition

 

One or more due process documents

  DP

 

ED, IFRS

Post-employment benefits (including pensions)

 DP

 

ED

       IFRS

Leases

Agenda decision

 

 

 

DP 

     ED, IFRS

Conceptual Framework

Phase A: Objectives and qualitative characteristics

 ED

 

Phase B: Elements and recognition

 

DP

        

Phase C: Measurement

 DP

 

Phase D: Reporting entity

 DP

Phase E: Presentation and disclosure

DP

Phase F: Purpose and status

         DP

Phase G: Application to not-for-profit entities

 

         DP

Phase H: Remaining Issues [Note 3]

        TBD

Other projects

Small and medium-sized entities

 

 IFRS

 

Insurance contracts

 ED

       IFRS

Liabilities [Note 4]

 

IFRS 

       

Emission trading schemes

       TBD

Common control transactions

 

 

 

 

 

       TBD

Management Commentary

       TBD

 

Amendments to standards

Annual improvements

 IFRS

ED

IFRS

Cost of an investment (Amendments to IFRS 1 and IAS 27)

 

 IFRS

 

 

 

 

Earnings per share: treasury stock method (IAS 33)

 ED

 

 

 

 

      IFRS

Financial instruments: portions (IAS 39)

 

 

 

IFRS

 

 

Financial instruments: puttable instruments (IAS 32)

 IFRS

 

 

 

 

 

Related party disclosures (IAS 24)

 IFRS

 

 

 

 

 

Share-based payment: group cash-settled share-based payment transactions (IFRS 2 and IFRIC 11)

      IFRS

Share-based payment: vesting conditions and cancellations (IFRS 2)

 

IFRS

 

 

 

RESEARCH AGENDA

Projects yet to be added to the ACTIVE AGENDA but included in the MoU with the FASB (except as shown)

 

  MoU milestone 

      by 2008

 

 

 

 

 

 

Derecognition

Consider staff research

 RR

 

Financial instruments (replacement of existing standards)

One or more due process documents

 DP

 

Intangible assets

Consider research and make agenda decision

 

 

Liabilities and equity

[Note 6]

One or more due process documents

 DP

    

Extractive activities

Not in MoU

 DP

 

 

Abbreviations used in the IASB Work Plan:

DP Discussion Paper

ED Exposure Draft

RT Round-table discussion

IFRS International Financial Reporting Standard

TBD The type of initial document (DP or ED) is yet to be determined

RR Research report

AD Agenda decision

 

Notes:

1. The Memorandum of Understanding (MoU) sets out the milestones that the FASB and the IASB have agreed to achieve in order to demonstrate standard-setting convergence, which is one part of the process towards removal of the requirement imposed on foreign registrants with the SEC to reconcile their financial statements to US GAAP.

2. Work on government grants has been deferred pending the conclusion of work on other relevant projects.

3. The IASB and the FASB will publish individual chapters as they complete each phase. Each board will evaluate the practical implications of doing so in the context of its own GAAP hierarchy.

4. The Liabilities project is the amendments to IAS 37.

5. In December 2007 the IASB decided not to add this project to its active agenda.

6. Project is being conducted as a ‘modified joint’ project. The FASB has published a Preliminary Views paper which will form the basis of a Discussion Paper to be issued by the IASB.