Updated IASB Work Plan Released

The IASB has released an updated work plan, dated 1 February 2012, incorporating the impacts of recently issued pronouncements and outlining revised 'current best estimates' for its various projects.

A new target date have been introduced for the IASB-FASB joint project on classification and measurement of financial instruments (limited amendments to IFRS 9). A number of key dates for other financial instrument projects have been deferred, as has the expected next step in the insurance contracts project.

The following is a summary of the changes in the revised work plan:

• Financial instruments:
• Classification and measurement - an exposure draft is expected to be issued in the second half of 2012
• Impairment - re-exposure now expected in the second half of 2012 (previously the second quarter of 2012)
• Hedge accounting - macro hedge accounting: the possibility of a discussion paper has been added to the original intention for an exposure draft due in third quarter 2012, a review draft of general hedge accounting requirements is still expected in the first quarter of 2012, but the targeted completion of the standard now expected in the second half of 2012 (previously the second quarter of 2012)
• Insurance contracts - review draft or re-exposure now expected in the second half of 2012 (previously the second quarter of 2012)