As I believe we are allowed to call it now, the IASB will be hosting another webcast tonight (Australian time). I will be attending to keep up, as prompted by bruce in comments. If you are interested in the standard, and can stand listening to discussions on accounting standards by highly technical accountants late at night, I would suggest attendance.
I will be holding back on a full summary of this part of the new standard until after that webcast as, to be frank, some of the parts of the draft standard look very odd, and I want to make sure I understand them properly before I rush to judgement. At first glance, though, it looks like being even more technical than the existing, with an enormous amount more disclosure – some of which is likely to be counterproductive. The stress-testing disclosures could fall into this category, for example.
Many other things about it appear, ummm, very “interesting”. One thing in particular is the likely mandatory date – some time in 2013, with early adoption permitted. I cannot see many choosing early adoption if it is as I understand it to be – something actually acknowledged in the BCs.
If this goes ahead as it is I think it will be a(nother) feeding frenzy for the accounting firms. I might try and get back in.
Oh – and if you want to get a copy for yourself, it is here. Unless you particularly like reading standards, I suggest downloading the BCs as they are a touch more readable and cover their actual reasons for