Work Plan

The International Accounting Standards Board has published an updated work plan as at 1 August 2009. If the IASB achieves its plans, it will issue new or revised International Financial Reporting Standards on all aspects of financial instruments, fair value measurement, financial statement presentation, leases, revenue, retirement benefit costs and insurance contracts by 2011. The IASB will consider staggering the effective dates of standards to help entities make an orderly transition to any new requirements. The IASB is also likely to create a stable platform of IFRS for US adoption of IFRS.