London - The International Accounting Standards Board, a group charged with developing a single set of global accounting standards, has unveiled its new program of technical projects.
The IASB’s main program, which will be added to the group’s inaugural agenda of July 2001, is comprised of three elements:
- Consolidations (including special purpose entities);
- Revenue: definition and recognition and related aspects of liabilities; and,
- Convergence on topics such as pension accounting, income taxes, segment reporting and revaluations.
In addition to the group’s technical program schedule, the IASB proposed to launch active research and collaborate with others on such topics as:
- The application of international standards to small and midsized entities and emerging economies - also known as the SME project;
- Lease accounting;
- Accounting concepts including strategic review of the basic elements of accounting and design work on measurement - with the initial focus on impairments; and,
- Aspects of accounting for financial instruments.
The IASB indicated that at the conclusion of all requisite preparatory work on the aforementioned projects that the topics would be moved to the board’s main agenda.The IASB added that it would encourage the national standard-setters and other parties to carry out initial work on projects that could potentially be included in the group’s main agenda in the future.
A sampling of these projects include:
- Management reporting in relation to financial reports (management discussion and analysis reporting); and,
- Accounting for public and other concessions (i.e., public to private arrangements for transport, health and other infrastructure activities.
In a statement, IASB chairman Sir David Tweedie said, "International markets are looking for improved financial reporting over a wide front. The ambitious scale of the IASB program is our response to that demand."The IASB’s initial agenda, which was announced last July, was comprised of some nine projects including:
- Accounting for insurance contracts;
- Business combinations;
- Performance reporting;
- Accounting for share-based payment; and,
- Guidance on first-time application of international financial reporting standards.
