Beyond the GAAP - February 2013 issue
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Beyond the GAAP - February 2013 issue
Two years and eight months elapsed between the publication of the first exposure draft on revenue recognition in June 2010 and the Boards’ final redeliberations on the major themes of the project. At the end of their February meeting, the FASB and the IASB announced that they had finished their redeliberations on the substantive themes of the November 2011 exposure draft.
Under the current plans, a further three and a half years will elapse between the publication of the final standard, which is still scheduled for the second quarter of 2013, and its mandatory effective date, which the two Boards have set at 1 January 2017. Nobody could have imagined at the outset that this would be such a long-term project… but surely the most important thing is that we can now see a light at the end of the tunnel?
Highlights
IFRS Standards
- IASB updates its work plan
- Conceptual framework
- Employee contributions to defined benefit plans
- Discount rate for post-employment benefit obligations
- Bearer biological assets
- IASB continues deliberating on phase 3 of IFRS 9 on hedge accounting
- Exposure draft of narrow-scope amendments to IAS 39 and IFRS 9 on “Novation of Derivatives and Continuation of Hedge Accounting”
A Closer Look
- Revenue recognition: major redeliberations complete!
- Leases: IASB staff prepare the 2nd exposure draft
- Reopening IFRS 9 phase 1, Classification and Measurement: the main proposals in the November 2012 exposure draft
