Iasb Deliberations

International Accounting Standards Board (IASB) is an independent standard-setting body of the International Financial Reporting Standards (IFRS) Foundation. IASB members are "responsible for the development and publication of IFRSs, including the IFRS for Small and Medium-sized Entities (SMEs) and for approving interpretations of IFRSs as developed by the IFRS Interpretations Committee (formerly called the IFRIC)" (para. 3). One of the IASB primary objective is "developing a single set of high quality, understandable, enforceable and globally accepted international financial reporting standard through its standard-setting boby" and "bring about convergence of national accounting standards and IFRSs to high quality solutions" ("IFRS", 2012, para 1).

According to the International Financial Reporting Standards (2012), there are three projects currently on the active agenda that are being addressed by the IASB to include three-yearly public agenda consultation, financial crisis related projects IFRS 9-financial instruments (replacement of IAS 39), and memorandum of understanding of leases and revenue recognition ("IFRS", 2012).

Furthermore, IFRS (2012) also noted that IASB launched its first formal public agenda consultation for its future work plan on July 26, 2011, comments summary is target on first quarter of 2012, and feedback statement is target on second quarter of 2012. The objective for three-yearly public agenda consultation seeks input from interested users on the board strategic direction, balance, and shape of the IASB's work plan.

In November 2008, the IASB added IFRS 9-financial instruments project to their active agenda. The objective for financial crisis related projects IFRS 9-financial instruments (replacement of IAS 39) is "to improve the usefulness of financial statements for users by simplifying the classification and measurement requirements for financial instruments" (para 1). The IASB's project plan for the replacement of IAS 39 consists of three phases to include classification and measurement, impairment methodology, and hedge accounting ("IFRS", 2012). Phase one of the IASB's project plan was published on November 12, 2009. It covers the classification and measurement of financial assets. The objective for phase two is "to improve the decision-usefulness of financial statements for users by improving the amortized cost measurement, in particular the transparency of provisions for losses on loans and for the credit quality of financial assets" (para. 2). Lastly, the goal of phase three is to "improve the usefulness of financial statements for users by fundamentally reconsidering the current hedge accounting requirements" ("IFRS", 2012).

The project milestone for phase one, classification and measurement is target ED for the fourth quarter of 2012. In phase two, impairment is