Beyond the GAAP no.51 (English) - December 2011

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!


  • Michel Prada appointed as Chair of IFRS Foundation Trustees
  • Publication of amendments to IFRS 7 and IAS 32 on offsetting financial assets and liabilities
  • Publication of exposure draft on transition guidance in IFRS 10
  • Consolidation standards: EFRAG requests deferral of effective date
  • Revenue recognition: EFRAG requests extension to comment period

A closer look

  • Financial Instruments project: last decisions of 2011
  • The new IASB exposure draft on revenue recognition in 20 Q&A (Part 2)


Beyond the GAAP n°51 December 11
Beyond the GAAP n°51 December 11