Beyond the GAAP no.47 (English) - July / August 2011

The IASB is struggling to make the hoped-for progress on the projects on its work plan. Hence, after revenue recognition in June 2011, the IASB has decided this month to publish a new exposure draft on Leases. As for the Financial Instruments project, the redeliberations of the Impairment section have become increasingly complex and are also likely to result in a new exposure draft. Unless there is an agreement with the FASB, only limited amendments to IAS 32 on offsetting may eventually be published.

The direct consequence of this delay is the deferment of the effective date of IFRS 9 to 1 January 2015… the earliest date which will probably also be chosen for all the new standards to appear between now and 2012.


  • Wayne Upton succeeds Robert Garnett at the head of the IFRS Interpretations Committee
  • IASB to defer the effective date of IFRS9
  • IASB and FASB to re-expose their proposals for the Leases project
  • IASB and FASB discuss the mandatory effective date of the future standard on revenue recognition
  • The IASB launches a public consultation on its future work plan
  • The IASB updates its work plan
  • Offsetting financial assets and financial liabilities: convergence will wait!
  • Hedge accounting: further redeliberations
  • ESMA (formerly CESR) publishes two Public Statements on IFRS financial information
  • Adoption of revised IAS 19 and IAS 1

A closer look

  • The IASB publishes a standard on fair value
  • The revised IAS 19: the key points in 10 questions/answers
  • Leases: redeliberations continue


Beyond the GAAP n°47 - July / August 2011
Beyond the GAAP n°47 - July / August 2011