The Board was provided an update on the activities of the IFRS Interpretations Committee including developments from the meeting on 8-9 July 2010.

The Board held a brief discussion on the Committee's agenda topic of put options written over non-controlling interests as one Board member inquired why the Committee did not recommend bringing the issue before the Board, particularly given the ongoing project of financial instruments with characteristics of equity. The response the Board received was that the initial question raised to the Committee was narrow in scope; however, the Committee thought it most appropriate to consider the overall accounting under existing standards. The Committee is in the process of determining whether a consensus view will emerge such that an Interpretation can be issued. If the Committee does reach a consensus, but has concerns over the practical implications of the consensus, the Committee will then raise the issue to the Board.