Next IFRSs unlikely before end of 2007

It now unlikely IFRSs, IFRICs 12-14, IAS 23 (Revised) and IAS 1 (Revised)
will be endorsed by the European
Financial Reporting Advisory Group
(EFRAG) before the end of 2007, after the
October meeting of the European Financial Reporting Advisory Group (EFRAG)
agreed to conduct more extensive work on the costs and benefits of individual
IFRSs and interpretations.

Deloitte noted in its
IAS Plus report
IASB had apparently agreed to carry out such work when developing proposals for
new standards and interpretations, but that commitment would not cover projects
already well-advanced and material already issued but not yet endorsed. The EU
is discussing with EFRAG the need for some form of cost-benefit study to be
carried out as part of the endorsement process.

This work would cover standards and interpretations still to be released and
standards and interpretations on which EFRAG has yet to issue final endorsement
advice; including IFRIC 13 ‘Customer Loyalty Programmes’; IFRIC 14 ‘The Limit on
a Defined Benefit Asset, Minimum Funding Requirements and their Interaction’;
and IAS 1 (Revised) ‘Presentation of Financial Statements’.

It was noted in the meeting further work was also needed, possibly by the
European Commission, covering the material on which EFRAG had already issued its
endorsement advice, IFRIC 12 ‘Service Concession Arrangements’; and IAS 23
(Revised) ‘Borrowing Costs’.

Further reading:

FASB wants ‘national plan’ for accounting standards

Zalm lays down the law on European carve-outs

Related reading

Fiona Westwood of Smith and Williamson.