IASB Updates Its Plans to Incorporate New Projects and Recently Taken Decisions
The IASB has released its work related plan after revising it and updating the expected time of numerous procedure steps that are due with regard to its projects. A lot of changes have been incorporated in the plan and deliverables for few of the projects have been deferred and quite a few projects have been included in the plan for the first time, which reflect some of the recent decisions taken by the board.
The board has made changes to the time for issuing of feedback related statement on agenda consultation. The timing has now been shifted from the 3rdquarter to the 4th quarter of 2012. On the other hand, the discussion related paper on macro hedges accounting will now be released in first half of the year 2013, instead of 2012 2nd half. The well revised exposure related draft on leases will now be issued in the 1st quarter of the year 2013, instead of 4th quarter of 2012.
Finalizing of amendments on Consolidation-Investment organizations will now be released by 2012 end in order to incorporate the changes that were decided to be included at the IASB’ meeting held in the month of September.
An exposure related draft on Insurance contracts, which was to be released in the 2nd half of the year 2012, is now going to be released in the 1st half of the year 2013. The amendments that have been finalized with regard to annual improvements will now be issued in the 2nd quarter of the year 2013. The exposure related draft for the International Accounting Standards 8 amendments that was expected in the 3rd-4th October is likely to be issued by 2012 end. However, it is very likely that the staff members of the International Accounting Standard Board will suggest the board to suspend the publishing of the draft during its meeting in October.
In addition to this, the exposure related draft on new amendments with regard to IFRS 10/IAS 28, IAS 28 and IFRS 11 is now likely to be issued by 2012 end. The IASB is likely to release discussion related papers on activities that are regulated by rate in 2013 2nd half and the concept related framework in the 1st half of the year 2013.