IASB Issues Updated Work Plan
IASB has officially announced the previous updating work frame and the predicted time period in order to complete and set up the projects. Variety of predicted time periods are announced and mentioned clearly. The IASB has legally included a project in IAS 8 the clear date and method of transitions.
All revision was done in 1 June, 2012, and it included all summary about projects and their expected timing and transitions. The most major factor that was included in the summary of those project processes was the application of IFRS 9 which is a procedure of classification and measurement. In this factor the IFRS 9 would be applied in limited reconsideration. The expected exposure date of draft is between the 4th quarters of 2012 that was expected in 2nd half quarter last year.
The other factor that is considered as important one is macro hedge accounting. The consultative documents is expected to be prepare and shown in 2nd half quarter of 2012. The work arrangement is now 100% set up to be present the Discussion Paper, but, not the Exposure Draft under IASB’s decisions. The dates and transition methods affected by IAS 8 are being set up. Whole process and work plan will be set up under the decision of IASB. The new and revised accounting methods would be adopted to meet the agenda in IAS 8. It would be used to apply newly introduced as well as the old and revised accounting methods.
The annual 2010-2012 improvement work plan is scheduled. The whole process of annual improvement is targeted in specific time period and set up in 1st quarter of 2013. The previous process of improvement was not scheduled last year. The final date is scheduled for finalized IFRS on suggested exemptions. These exemptions that are pre suggested form consolidation to set specific investing plans are introduced and scheduled on 2nd half of 2012.
Some initial milestones confirmed by work plans are expected to be set in June. These milestones are Agenda Consultation that specifically works for stating the feedback and reviews, the feedback draft of finalized IFRS that is actually known as the general hedge accounting, final amendments and editions, and IFRS 8 post implemented reviews.