The International Accounting Standards Board (‘IASB’) made a number of important decisions in September, requiring updates to its work plan as of 1 October 2012.
Keywords: Mazars, Thailand, IFRS, IASB
The main changes to projects already on the work plan were as follows:
- IFRS 9: Accounting for macro hedges: the publication of the Discussion Paper, which was originally scheduled for the second half of 2012, has been postponed to the first quarter of 2013;
- Leases: the new exposure draft on the recognition of leases has been postponed yet again, and is now scheduled for the first quarter of 2013;
- Insurance contracts: the Board has finally decided to publish a new exposure draft, scheduled for the first half of 2013;
- Annual Improvements 2010-2012: the final standard, which was previously scheduled for the first quarter of 2013, is now expected in the second quarter;
- The interpretations “Levies Charges by Public Authorities on Entities that Operate in a Specific Market” and “Put Options on NCI” are scheduled for the 1st and 2nd halves of 2013 respectively;
- IAS 8: Effective date and transition methods: the publication of the exposure draft is still scheduled for the second half of 2012. However, the staff will recommend that the Board should put this project on hold, pending broader discussions of required disclosures as part of the Conceptual Framework project;
- Post-implementation review of IFRS 3: the review of IFRS 3 has been postponed for one quarter, and will now be launched in the first quarter of 2013.
The IASB has also added three limited amendments projects to its work plan, with a view to publishing an exposure draft for each of them by the end of the year:
- IFRS 10 and IAS 28: Sales or contributions of assets between investor and its associate/ joint venture;
- IAS 28: Equity method of accounting: accounting for other net asset changes;
- IFRS 11: Acquisition of an interest in a joint operation.
Finally, the IASB has added (or restored) the following three research projects to its work plan:
- Rate-regulated activities: the idea of a standard on rate-regulated activities is not a new one. It was added to the IASB’s work plan in December 2008, and then suspended in September 2010 due to a lack of consensus among the Board members on how to take the project forward. At the September 2012 meeting, the Board decided to restart the project, aiming to publish a new Discussion Paper in the second half of 2013;
- IAS 41- Bearer biological assets: the publication of a limited-scope exposure draft on bearer biological assets is scheduled for the first half of 2013. IAS 41 distinguishes between “consumable biological assets” and “bearer biological assets” but does not reflect this in the accounting treatment. The goal of the project is to determine whether a specific accounting treatment is required for mature bearer biological assets;
- Conceptual Framework: a Discussion Paper, covering elements of financial statements, the concept of a reporting entity, measurement, presentation and disclosures, is scheduled for publication in the first half of 2013.