No decisions were taken during this session. This was essentially a preparatory session prior to the forthcoming public round-tables on the proposed changes to IFRS 3 and the equivalent FASB standards to be held on 27 October in Norwalk and 9 November in London.

The staff also presented the preliminary plan for redeliberating and finalising the standards. The Board generally agreed that the timetable set out in the agenda paper (and given in summary in the Observer Notes), which suggests that final standards could be issued in the fourth quarter of 2006, was unreasonable given the likely opposition to some of the Boards' proposals and that coordinating two Boards will inevitably add time to the project. This date would potentially also be affected by any delay on the finalisation of the proposed changes to IAS 37. One Board member stated the importance of communicating that the timetable is unreasonable to constituents.

The Board decided to take this debate further on to the joint meeting with the FASB.