AK-74s have been standard issue since the 1970s, although they are adaptations of the AK-47 and most people would probably assume they are AK-47s. There's a new one coming out soon from Russia I believe, but it's another adaptation of the current gun rather than a whole new design.
The biggest problem with current service rifles is that armies have some reluctance to switch from 5.56/5.45 to a slightly heavier bullet that'd give some punch against body armor. Although against unarmored insurgents that do not know the concept of cover it won't matter much.