18-20 April 2001, London

Adoption of IAS and SIC. IASB passed a resolution adopting all existing Standards and Interpretations, making clear that the existing pronouncements continue to be applicable unless and until they are amended or withdrawn after formal due process.

Name for IASB Standards. New Standards issued by the IASB will be named "International Financial Reporting Standards".

Improvements Project. IASB added an Improvements Project to its work programme. That project will address:

• elimination of choices
  
• conceptual inconsistencies in IAS
  
• additional guidance and disclosure
  
• drafting improvements
  
• improvements in structure
  

Black-letter vs. Grey-letter. IASB approved a proposed introduction to the old IASC Standards stating that "grey-letter" and "black-letter" paragraphs have equal authority, and an enterprise must apply both to comply with IAS. This will be exposed for public comment. The status of appendices to IAS is unchanged. The Board will continue to discuss how to issue the proposed wording for comments at its next meeting in May 2001. The Board will also discuss styling of the Standards at that time.

IAS 39 Guidance. The IAS 39 Implementation Guidance Committee should continue to finalise its current work. IGC will be asked to raise controversial issues for IASB to discuss before they are issued as final guidance. Q&As will be added to IAS 39 as an appendix illustrating application of the Standard. IGC was also asked to prepare a paper on whether it should have a continuing role, and what that role should be, and whether it should consider areas other than IAS 39.

SIC. SIC D26 and SIC D27 will not be issued in their current form. Nor will SIC D28, Business Combinations: Measurement of Shares Issued, be published (SIC had approved D28 in February). IASB wants to have more involvement than the prior IASC Board in developing draft Interpretations before they are issued. At its May meeting, IASB will discuss its future relationship with SIC, based on a paper to be prepared by the SIC. The SIC paper will cover, among other things, future operating procedures, how the process can be streamlined, and how agenda items should be determined. SIC D26 and SIC D28 will be included in the improvements project. The future of SIC D27 is uncertain.

May Agenda. Proposed agenda items for IASB meeting 23-25 May:

• Board agenda and future work programme
  
• Future role and responsibility of SIC and IGC, including their relationship with IASB
  
• Improvements Project
  
• Styling of standards
  
• Preface to IAS
  
• Present Value: discussion of draft Issues Paper
  

June Agenda. Proposed agenda items for IASB meeting 26-28 June:

• Bank Presentation and Disclosure
  

July or September Agenda. Proposed agenda items for IASB meeting in July or September:

• Insurance Contracts: discussion of draft DSOP
  

This summary is based on notes taken by observers at the IASB meeting and should not be regarded as an official or final summary.