IASB Lays Down the Agenda for its October Meeting
The International Accounting Standards Board will be holding a meeting in London from the 15th-19th October 2012. During the meeting the board is planning to discuss several topics related to macro hedge accounting, finance related instruments, revenue recognizing, confirming of due procedures before issuing the exposure draft on International Accounting Standards 28 as well as the 2011-2013 cycle of annual improvements. The board will also consider the recommendations regarding suspension of the project pertaining to International Accounting Standard 8. The board will also hold few sessions together with the Financial Accounting Standards Board.
On the 15th of October, the board will be discussing matters pertaining to insurance contracts and will also hold an educational session on the subject. Both FASB and IASB will also hold joint sessions on the same day. On 17th October, the IASB will hold discussions on matters pertaining to finance relate instruments i.e. macro hedge accounting. Again on 19th of October, the International Accounting Standards Board will discuss topics and matters associated with limited reconsideration of International Financial Reporting Standards 9. Together with FASB, the IASB will also discuss issues related to impairment of financial instruments as well as recognition of revenue.
On the other hand, on the 19th of October, the IASB will provide an update on the International Financial Reporting Standards Interpretations Committee and its due procedure papers including International Accounting Standards 28 and International Accounting Standards 8.
The IASB has been incorporated to develop as well as approve IFRSs. The International Accounting Standards Board’s process and work is overseen by the IFRS foundation. Also, the IASB was incepted with an intention to change the IASC. The IASB is accountable for almost all the technical issues of the IFRS Foundation. The board is responsible for developing as well as pursuing the IFRS Foundation’s technical agendas. It is also responsible for preparing as well as issuing of International Financial Reporting Standards (apart from Interpretations) and exposure related drafts in accordance with the due procedures mentioned in the constitution. The IASB is also responsible for approving as well as issuing of the interpretations designed and developed by the International Financial Reporting Standards Interpretations Committee.