Busy week for the IASB

THE INTERNATIONAL Accounting Standards Board has been busy lately, publishing six updates in the last week, of which the highlight was an updated standard on post-work benefits.

IAS 19 was relatively well received by Big Four commentators, who said it will boost transparency and comparability in pension plans, but could have significant associated costs for companies when the standard comes into force on 1 January 2013.

The global standard setter also released a communiqué following the 5th International Financial Reporting Standards policy forum for the Asia-Oceania region, and met with the European Financial Reporting Advisory Group to review the IASB’s current work programme.

Along with the US Financial Accounting Standards Board, the body is re-exposing revenue recognition proposals, on the basis that “it was appropriate to go beyond established due process given the importance of the revenue number to all companies and the need to take all possible steps to avoid unintended consequences”.

The two standard setters also issued amendments to bring the presentation of items of other comprehensive income in line; the new rules require companies to group together items within OCI that may be reclassified to the profit or loss section of the income statement.

Next up on the IASB’s to-do list, a consultation on its future agenda. Quarter three will see a request for views on strategic direction and overall balance, available on the board’s website.