IFRIC staff presented an update to the Board from the May IFRIC meeting. Deloitte observer notes from the May IFRIC meeting are available Here on IASPlus.

The Board was informed that the IFRIC completed its deliberations on D21 Real Estate Sales and D22 Hedges of a Net Investment in a Foreign Operation in May 2008. The IFRIC staff noted that it will send the Interpretations to the Board for approval in June 2008.

Regarding D21 the IFRIC staff presented the flowchart and the illustrative examples approved by the IFRIC at its May meeting in order to facilitate the Board's ratification of the final Interpretation. Board members appeared to be supportive subject to some editorial comments.