The first exposure draft in 2010 was met with widespread concern from many in the industry and the new draft looks to correct some of the perceived flaws that had been identified. Industry has until 25 October 2013 to comment and the IASB expects to issue a final standard in early 2015. If this timetable is achieved, the earliest expected mandatory effective date will be 1 January 2017.
The revised proposals address some of the key issues raised by the first exposure draft in 2010.
Download the document below to read more.