The Board discussed an analysis of responses to the first five questions contained in ED 2. The Board re-affirmed their support for the general principle of recognising share-based payments in the financial statements and for recognising an expense (by vote of 14-0). In addition the Board confirmed their support for the general principle of measuring share-based payments at fair value.

The Board noted that various exceptions to these general principles arising from the comment letters would be discussed, for instance, the use of minimum value for unlisted entities.

The staff proposed, as a result of comments made, that the concepts project should amend the IASB Framework to clarify the meaning of an expense in line with the discussion contained in the US Concepts documents.

The Board agreed to post the comment letters on its website.