IASB Releases a New Work Plan After Revision
IASB has issued a work plan after revising it and has subsequently updated the expected timeframe by when numerous processes will be completed as far as its projects are concerned. For most of their projects, IASB has deferred deliverables and the board has also set a date for issuing International Financial Reporting Standards for the project related to revenue recognizing. Apparently, the IFRS will be published during 2013.
As far as matters pertaining to Agenda consultation are concerned, IASB will be issuing a feedback after consultation only by 2012 third quarter. The board had earlier decided to provide feedback by second quarter of 2012. IASB has also decided that it won’t develop any strategy with regard to agenda consultation. For the project pertaining to financial instruments and general hedge accounting, IASB will be releasing a draft after finalizing the general hedge accounting chapter of IFRS 9 by 2012 3rd quarter. The board had earlier decided to release it by second quarter. The board also mentioned in its work plan that it would be completing the chapter by the 4th quarter.
For revenue recognition project, deliberations are likely to be continued till 2012 end. IASB’s work plan also confirmed that when it came to matters relating to IFRS 8 Operating Segments, IASB will be considering the comments that it receives in 2013 1st quarter. According to the work plan, post implementation reviews of IFRS 3 will likely start before 2012 4th quarter.
In their work plan IASB also confirmed that they are planning to reach a number of milestones by September end. Before September comes to an end IASB intends to issue a feedback on Agenda consultation, exposure draft and general hedge accounting. The board has also decided to reach many milestones by the end of 2012. These include projects related to hedge accounting, impairment, macro hedge accounting, Insurance contracts, Leases exposure draft, exposure draft related to limited reconsideration of IFRS 9, consolidation of investment entities and more. Usually the date by which new accounting standards and amendments will be set up is around six to eighteen months after the date of publishing. The board sets a date only after considering several factors.
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