Beyond the GAAP - December 2013 issue

Under the IASB work plan, 2014 should see the conclusion of two major projects which were launched several years ago: revenue recognition and the impairment of financial assets. However, no publication timescale has been announced for the other two major topics, accounting for leases and insurance contracts. The work plan merely mentions ‘redeliberations’ on these subjects in the first quarter of 2014. The duration of the redeliberations on revenue recognition does, however, suggest that we should treat this timetable with great caution.

In 2014, the IASB should also analyse the responses received regarding the Discussion Paper on the conceptual framework, for which the comments period will end shortly. With this document the IASB aims to lay the foundation of future IFRSs!

Highlights

IFRS Standards

Classification of financial assets (Phase I of IFRS 9) – the IASB clarifies the use of the “fair value through profit or loss” option for debt instruments in the FV-OCI category
Impairment of financial assets (Phase II of IFRS 9/ Impairment) – ongoing deliberations on loan commitments and financial guarantee contracts
Impairment of financial assets (Phase II of IFRS 9 / Impairment) – the Board clarifies the transition requirements