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The first quarter of 2013 is coming to a quiet close – and there is even a gleam of hope in sight! At the end of its March meeting, the IASB finally decided to remove the proposed interpretation on puts on non-controlling interests from its work plan, and to review the controversial elements of IAS 32 with a view to a potential amendment.
The SEC’s report on the work plan for the endorsement of IFRSs, published last July, made a great impression, since it was entirely free of any recommendations for adoption of IFRSs by the United States. After the shock come the reactions, and the cautious attitude of the US is causing some gritting of teeth.
Following the summer break, it’s back to school for the IASB, with even more new projects. Its work plan now includes three new limited amendments projects and three new research projects. Notably, the Board has decided to publish a revised exposure draft on phase II of IFRS 4: Insurance contracts.
Despite the uncertainty over whether the US will eventually adopt IFRS, the IASB is
For some months, the Leases project seemed to have reached deadlock, largely due to the difficulties encountered by the two Boards in deciding how to account for the result. Some observers were wondering whether it would ever see the light of day.
There are not very many new standards for mandatory application to the 2012 reporting period, which is welcome news at the time when half-yearly accounts are under preparation. Only the IFRS 7 amendment on disclosures on financial assets may prove complex to apply.
Financial instruments were in the spotlight in April! The two Boards continued their progress on the proposed “expected loss” impairment model for financial assets (Phase II of IFRS 9/Impairment), and in particular clarified how the expected loss estimate should be determined. The Boards also reached an agreement on the definition of a business model which would permit measuring financial assets at amortised cost, and on bifurcation of embedded derivatives (Reopening of Phase I of IFRS 9/ Classification and measurement). 
At the end of March, the IASB updated its work plan, once again postponing the publication of documents relating to the joint projects on Financial Instruments and Leases. In the case of Financial Instruments, publication of the Review Draft on hedge accounting and the Discussion Paper (or exposure draft, depending on the IASB’s final decision) on macro-hedging have been put back to the second quarter and second half of 2012, respectively.
At the time of writing this editorial, the IASB Update – the official publication reporting on Board meetings – had not yet been published, as the IASB’s last meeting spanned the end of February and the beginning of March. As a result, it is difficult for us to report on the Board’s provisional decisions, given that the subjects discussed were particularly complex and open to interpretation.
It is already clear that 2012 will be a crucial year for the IASB. During the course of this year, the final texts of the joint projects on financial instruments, revenue recognition, leases and insurance contracts should all be published. Much is thus expected of the IASB.
The year just ended should have seen the publication of the final standards for the joint projects on financial instruments, revenue recognition, leases and insurance contracts. None of them have appeared! The second exposure draft on revenue recognition has only just been published, while redeliberations are continuing on leases, financial instruments and insurance contracts. The delay is due to the magnitude of the task and the criticisms which greeted some of the IASB’s initial proposals. Over the course of the year, the IASB has repeatedly revised its work plan and deferred the publication date of the new standards, which are now expected in 2012. It remains to be seen whether this new target is achievable!
The 2011 reporting date is drawing near! It is likely to be a tricky exercise, not because of the new accounting standards but because of the sovereign debt crisis. More than ever, issuers must be meticulous in their valuations and the quality and clarity of the information they publish. Meanwhile the IASB continues working on its major projects, as witnessed by the publication of the second exposure draft on revenue recognition.
No matter who you are, the sovereign debt crisis cannot have escaped your notice, having become a regular feature in the daily press and the focus of attention around the globe. News from the accounting world does not always command the same interest! However, the IASB is making progress with its work, laying the groundwork today for the accounting standards of tomorrow.
Hardly had Hans Hoogervorst taken up his position at the head of the IASB than he had put his stamp on the institution. His position on the provisioning of exposure to the Greek risk by banks and insurers expresses a wish to ensure that IFRSs are applied consistently in the world. This concern is not new in principle, but it is so in form!
