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30 November 2010

IASB updated its work plan


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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


© IASB - International Accounting Standards Board


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