The IASB is working to update a major portion of the standards and has a put a project plan in place that outlines the timelines for these various updates. The following are examples of topics where new standards are proposed to be released (or already have been released): Consolidation (IAS 27), financial instruments (IFRS 9), joint arrangements (IAS 31), non-financial liabilities, and fair value measurements.

Instructions

1. Using the IASB website (www.ifrs.org), identify new standards that have been recently released.

2. Review the transitional provisions, if any, for each of these standards identified and Write a report on the accounting requirements for each change in the year when it becomes effective.