Peter Clark introduced the topic:

• The IASB’s view is that the project is about filling gaps and building on existing material, not starting from scratch
• A Discussion Paper is due to be released in July 2013.  It will address those areas in the Framework that the IASB thinks are critical and need attention
• The IASB was not planning to re-open the work in Chapter 1 (Objectives of financial reporting) or Chapter 3 (Qualitative Characteristics), or Chapter 2, the Reporting Entity (which has been exposed but not issued).  Some bits will be referenced in the DP; more in the ED
• The project is no longer a bilateral project with FASB
• The project is no longer a phase-by-phase project; the DP will present all chapters
• Timetable is ambitious, but project will deal with essentials
• Although no longer a joint project, Ron Lott, a senior FASB staff member has been seconded to the IASB on a 50% basis.  The FASB contributes to the project on the same basis as any other ASAF member.

An IOSCO representative noted that its members hear from many constituents about the role of cash in reporting performance: has the company generated free cash and is it able to make distributions?  Other Council members asked that a discussion of prudence (and the IASB’s definition of the term), be restored to the Framework.  This would take the heat off both the Framework and the IASB building in some IFRS jurisdictions.  Concerns over the role of the concept of stewardship in financial reporting were also important.