Tuesday 09 February 2010

Advanced search

Print Current Page
about us image

Work plan for IFRSs

IASB work plan - projected timetable as of 6 November 2009

 

The timetable (also available to download in PDF) 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, although in setting an effective date the Board considers all relevant factors. In appropriate circumstances, early adoption of new standards will be allowed.

The work plan anticipates the completion of several projects in 2010 and 2011. The Board will consider staggering effective dates of standards to help entities that apply IFRSs to undertake an orderly transition to any new requirements.

The Board undertakes this work using its established due process, including consultation with interested parties. The timetable for completion is subject to change depending on input received throughout a project’s development.

To see recently completed projects, click here (updated November 2009).

 

Financial Crisis related projects


Estimated publication date


 

       2009 Q4

 

       2010 Q1

 

       2010 Q2

 

       2010 Q3

 

       2010 Q4

 

       2011 H1

 

       2011
H2+

 


 

MoU [Note 1]

Joint [Note 2]

Consolidation


 


  IFRS




  

  

Derecognition

     

         IFRS

   

Fair value measurement guidance

    RT

   

 

         IFRS

  

 

 

 

Financial instruments (IAS 39 replacement)

 

 

 

 

 

 

 

 

 

Classification and measurement

IFRS

 

 

 

 

 

 

  

  

Impairment [ED, comments due by 30 June 2010]

 

 

 

 

   IFRS

 

 

  

  

Hedge accounting

 


   ED

 

        IFRS




Memorandum of Understanding projects

 

Estimated publication date


 

 

       2009 Q4

 

       2010 Q1

 

       2010 Q2

 

       2010 Q3

 

       2010 Q4

 

       2011 H1 

 

       2011
H2+

 

 

MoU [Note 1]

Joint [Note 2]

Financial statement presentation

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

  IFRS

 

  

  

 

 

  

   

Statement of comprehensive income

 

   ED

 

        IFRS

     

Replacement of IAS 1 and IAS 7

 

 

 

   ED

   

 IFRS

   

FI with characteristics of equity

   

   ED

 

   

 IFRS

   

Income taxes3

 

 

 

 

 

 

 

  

   

Joint ventures

   

 IFRS

 

 

 

 

 

  

 

Leases

 

  

   ED

 

 

 IFRS

 

  

   

Post-employment benefits (incl. pensions)

 

   ED

 

  

 

 IFRS

   

Revenue recognition

 

 

   ED

  

 

 IFRS

     

Other Projects

 

Estimated publication date


 

 

       2009 Q4

 

       2010 Q1

 

       2010 Q2

 

       2010 Q3

 

       2010 Q4

 

       2011 H1 

 

       2011
H2+

 

 

MoU [Note 1]

Joint [Note 2]

Annual improvements 2008-2010 [ED, comments due by 24 November 2009]

      

 

IFRS

 

   

 

 

 

 

Annual improvements 2009-2011

 

 

 

   ED  

    

 IFRS

 

 

 

Emissions trading schemes

   

 

  ED

  

 

 IFRS

 

 

  

Amendments to IFRIC 14

  IFRS

 

 

 

 

 

 

 

 

Insurance contracts


 

  ED


 

  IFRS

     

 

Liabilities (IAS 37 amendments)

ED

 

 

IFRS

 

 

 

 

 

Management commentary [ED, comments due 1 March 2010]

      

  

   

          CG

 

 

   

Rate-regulated activities [ED, comments due 20 November 2009]

      

   

  IFRS

 





 

Termination benefits (IAS 19 amendments)

  IFRS

   

 

 





 

Conceptual Framework

 

Estimated publication date


 

Documents currently being developed

       2009 Q4

 

       2010 Q1

 

       2010 Q2

 

       2010 Q3

 

       2010 Q4

 

       2011 H1

 

       2011
H2+

 

 

MoU [Note 1]

Joint [Note 2]

Phase A: Objectives and qualitative characteristics

Final Chapter

  

 

 

 

 

 

 

  

Phase B: Elements and recognition

 

 

 

 

    DP

 

 ED

 

Phase C: Measurement

 

   DP

 

  

   

  ED

Final

Chapter

 

  

Phase D: Reporting entity

     ED   

 

 

 

  Final

Chapter

 

 

 

 

The IASB and the FASB will amend sections of their conceptual frameworks as they complete individual phases of the project. Phases E to H Presentation and disclosure, Purpose and Status, Application to not-for-profit entities and Remaining issues have not yet started.

  

Endnotes


1. These projects are part of the Memorandum of Understanding that sets out the milestones that the FASB and the IASB have agreed to achieve in order to demonstrate standard-setting convergence.

2. These projects are being undertaken with the FASB. Even though joint ventures and post-employment benefits are not being undertaken with the FASB, in each case the IASB has committed to improve the related IFRSs.

3. At their joint meeting in October 2009 the IASB and the FASB considered a summary of the comments received by the IASB in response to the proposals for a revisedIncome Taxes standard exposed by the IASB in early 2009. The Boards indicated that they would consider undertaking a fundamental review of accounting for income taxes at some time in the future. In the meantime, the IASB staff plans to present options on how the IASB should proceed with the proposals in the exposure draft at the November IASB meeting. It is unlikely that the project will proceed in its current form.

 

Abbreviations


AD  Agenda Decision (to add the topic to the active agenda)

CG    Completed Guidance

DP Discussion Paper

ED     Exposure Draft

IFRS International Financial Reporting Standard

RT     Round-tables

TBD To be determined

  


Research and other projects

Common control was added to the agenda in December 2007. Work will begin when staff working on projects related to the financial crisis become available.

In October 2009 the Board decided to stop work on credit risk in liability measurement as a free-standing work stream and not to reach a general conclusion on credit risk at this time but instead to incorporate the topic in the conceptual framework measurement project. The Board is also considering the input received on this topic when it considers the measurement of liabilities in other topics.

In April 2009 the Board considered comments received in relation to proposed amendments to IAS 33 Earnings per Share. In the light of other priorities, the Board does not expect to discuss this project until 2010.

A discussion paper on extractive activities has been prepared for the IASB by representatives from the national standard-setters of Australia, Canada, Norway and South Africa. A working draft of the discussion paper was made available on the IASB website in August 2009. The Board will publish a request for views in the first quarter of 2010.

Work on the government grants project has been deferred pending progress in the revenue recognition, related parties and emissions trading schemes projects.

In December 2007 the IASB decided not to add a project on intangible assets to its active agenda. National standard-setters are carrying out research for a possible future project. The Australian Accounting Standards Board has published a discussion paper Initial Accounting for Internally Generated Intangible Assets.


Recently completed projects

Related Party Disclosures. The Revised IAS 24 Related Party Disclosures was issued in November 2009. The revised standard is effective for annual periods beginning on or after 1 January 2011, with earlier application permitted.

In October 2009 the Board discussed responses to the exposure draft Discount Rate for Employee Benefits (Amendments to IAS 19), published in August 2009. The responses indicated that the proposed amendment raised more complex issues than had been expected. The Board therefore decided to adhere to its original plan to address measurement issues only in the context of a fundamental review. Consequently, the Board decided not to proceed with the amendment.

Classification of rights issues. Classification of Rights Issues (Amendment to IAS 32) issued in October 2009. Entities are required to apply the amendment for annual periods beginning on or after 1 February 2010, but earlier application is permitted.

IFRS for SMEs. IFRS issued in July 2009

 

First-time adoption of IFRSs (IFRS 1): additional exemptions. Amendments issued in July 2009.

Share-based payment: group cash-settled transactions (IFRS 2 and IFRIC 11). Amendments issued in June 2009.

Annual improvements 2007-2009. Amendments issued in April 2009.

Embedded derivatives (IAS 39/IFRIC 9). Amendments issued in February 2009, for annual periods ending on or after 30 June 2009.

Financial instruments: enhanced disclosures. Amendments issued in February 2009, for annual periods beginning on or after 1 January 2009.

Investments in debt instruments. In the light of comments received, the Board decided not to proceed with the amendments. The Board will assess the impairment requirements as part of a wider examination of IAS 39.

Fair value measurement and impairment of financial instruments [FASB FSPs – Request for Views]. In the light of comments received, the Board decided to consider impairment as part of its wider, and urgent, examination of IAS 39.