IASB Work Plan

The Work Plan below has been updated following the decisions made at the IASB June Meeting and reflects the objectives of the Memorandum of Understanding with the FASB which sets out a Roadmap for Convergence between IFRSs and US GAAP between 2006 and 2008. Follow the link for information on the the MoU.

For more information on the projects on the Work Plan, click on the project links embedded in the table below. For a printable version of the work plan click here.

IASB Work Plan - projected timetable as at 30 June 2006
The timetable shows the current best estimate of document publication dates. The effective date of amendments and new standards is usually 6-18 months after publication date. However, except for the items listed in the section "Amendments to standards", the effective date of IFRSs resulting from the current work plan will be no earlier than financial periods beginning 1 January 2009. In appropriate circumstances, early adoption of new standards will be allowed.
		MoU							Timing yet
		milestone by 2008	2006			2007		2008	to be determined
		milestone by 2008	Q2	Q3	Q4	H1	H2		to be determined
ACTIVE AGENDA
Projects in Memorandum of Understanding (MoU) with the FASB [Note 1]
Short-term Convergence projects
Short-term Convergence projects
Borrowing costs	(IASB)	Determine whether major differences should be eliminated and substantially complete work	ED			IFRS
Government grants [Note 2]	(IASB)						ED	IFRS
Joint ventures	(IASB)				ED		IFRS
Segment reporting	(IASB)				IFRS
Impairment	(Joint)								Staff WIP
Income tax	(Joint)			ED			IFRS
Fair value option	(FASB)
Investment properties	(FASB)
Research and development	(FASB)
Subsequent events	(FASB)
Other Convergence projects
Other Convergence projects
Business combinations		Converged standards					IFRS
Consolidations		Work towards converged standards				ED		IFRS
Fair value measurement guidance		Converged guidance			DP		ED	IFRS

Financial Statement Presentation [Note 3]
Phase A						IFRS
Phase B		One or more due process documents				DP		ED	IFRS
Revenue recognition		One or more due process documents					DP	ED	IFRS
Post-retirement Benefits (including Pensions)		One or more due process documents							TBD
Leases		One or more due process documents							DP
Conceptual Framework
Phase A: Objectives and Qualitative Characteristics				DP
Phase B: Elements, Recognition and Measurement						DP
Phase C: Measurement						RT			TBD
Phase D: Reporting Entity						DP
Phase E: Presentation and Disclosure									DP
Phase F: Purpose and Status									DP
Phase G: Application to Not-for-Profit Entities									DP
Phase H: Finalisation	[Note 4]								TBD

Small and Medium-sized Entities					ED		IFRS
Insurance contracts					DP			ED	IFRS
Liabilities	[Note 5]				RT		IFRS
Emission trading schemes	[Note 2]
Amendments to standards
Amendments to standards
Financial instruments: puttable instruments (IAS 32)			ED			IFRS
Earnings per share: treasury stock method (IAS 33)				ED		IFRS
First-time adoption: cost of investment in subsidiary (IFRS 1)				ED		IFRS

Share-based payment: vesting conditions and cancellations (IFRS 2)					IFRS

Related party disclosures (IAS 24)					ED
Related party disclosures (IAS 24)

Projects yet to be added to the ACTIVE AGENDA but included in the MoU with the FASB (except as shown)
RESEARCH AGENDA			MOU milestone by 2008

Derecognition			Publish staff research as due process document

Financial instruments (replacement of existing standards)			One or more due process documents
Financial instruments (replacement of existing standards)
Intangible assets			Consider research and make agenda decision

Liabilities and Equity	[Note 6]		One or more due process documents

Extractive activities			Not in MoU

Abbreviations used in the IASB Work Plan:
DP	Discussion Paper (containing the Board's preliminary views)
ED	Exposure Draft
RT	Round-table Discussion
IFRS	International Financial Reporting Standard
TBD	The type of initial document (DP or ED) is yet to be determined

Notes:
1	The Memorandum of Understanding (MoU) sets out the milestones that the FASB and the IASB have agreed to achieve in order to demonstrate standard-setting convergence, which is one part of the process towards removal of the requirement imposed on foreign registrants with the SEC to reconcile their financial statements to US GAAP.



	Click here for more information on the MoU.
2	Work on government grants and emission rights has been deferred pending conclusion of work on other relevant projects.

3	The Financial Statement Presentation project was formerly known as the Performance Reporting project.

4	The IASB and the FASB are considering how they will finalise the Conceptual Framework project, once the initial documents on each phase have been subject to public consultation and redeliberation by the boards.


5	The Liabilities project is the amendments to IAS 37. It was formerly known as the Non-financial Liabilities project.

6	Project is being conducted as a "modified joint" project. That is, the IASB expects to make a formal agenda decision and begin work when the FASB has completed work on an initial discussion document.


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