International Accounting Standard Board Updates its Work Related Plan
The IASB has released its work related plan for the public after thoroughly revising it. The plan has been released after the board made a number of pronouncements recently. The plan consists the expected date of finalizing amendments emerging as a result of the equity procedure that has been proposed for amending International Accounting Standards 28 as well as the annual improvements related cycle 2011-2013. The International Accounting Standards Board has also deferred its plan to issue and exposure related draft on the impairment of finance related instrument as per the new plan.
The changes that have been incorporated into the plan are:
Impairment of Financial Instrument-The targeted date for issuing of an exposure related draft has been shifted from fourth quarter of 2012 to the 1st quarter of 2013.
2011-2013 Annual Improvements Cycle-The finalizing of the amendment has now been fixed for the third quarter of 2013, post the finalizing of the amendments of 2010-12 cycle in the 2nd quarter.
International Accounting Standard 28-equity procedure-The amendment that has been proposed will now take place in the 3rd quarter of 2013.
International Accounting Standard 41-Bearer Biological assets- The project will be reclassified from 'research projects' to 'other projects'. However, no changes have been included in the plan as far as the expected time of issuing an exposure related draft during the 1st of 2013 is concerned.
The due procedure related documents are expected anytime before the year 2012 comes to an end. Following are the due procedure related documents that are expected to be released by 2012 end.
· Standards, Pronouncements and Amendments that have been finalized
· Exposure related drafts
· Finance related instruments-General hedge accounting
· Finance related instruments- Limited reconsideration of International Financial Reporting Standard 9
· International Accounting Standard 16/ 38- depreciation methods based on revenue
· International Financial Reporting Standard 10/International Accounting Standard 28 – Contributions or sales of assets between investors and their associate or joint venture
· International Financial Reporting Standard 11 – Acquiring of an interest in a joint venture operation
· Statements that contains feedback on Agenda consultation
The work related plan prepared by the IASB provides an indication of the expected time of the upcoming milestone in all the projects undertaken by it. Before it proceeds further to ballot an exposure related draft on International Financial Reporting Standards, the IASB will see whether re-exposing proposals is needed or not.
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