We have updated the following agenda project pages to reflect the discussions and decisions at the Board's December 2004 meeting:

• Accounting Standards for Small and Medium-sized Entities
• Business Combinations: Purchase Method Procedures
• Financial Instruments: 2004 Amendments
• Financial Instruments: Disclosures
• Revenue Recognition
• Short-term Convergence – IFRSs and US GAAP

Deloitte is pleased to make available without charge these additional IFRS e-learning modules:

• IAS 23 Borrowing Cost
• IAS 29 Financial Reporting in Hyperinflationary Economies
• IAS 38 Intangible Assets
• IFRS 3 Business Combinations

The European Financial Reporting Advisory Group has finalised its preliminary views to be submitted to IFRIC on two IFRIC draft interpretations and seeks comments on those views, as follows:

• IFRIC D10 Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment, comments requested by 27 January 2005
• IFRIC D11 Changes in Contributions to Employee Share Purchase Plans, comments requested by 16 February 2005.

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The European Financial Reporting Advisory Group has finalised its preliminary views regarding whether the following should be endorsed for use in Europe of:

• IFRIC 4 Determining whether an Arrangement contains a Lease, comments requested by 11 January 2005
• IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds, comments requested by 20 January 2005.
• Amendments to IAS 19 Employee Benefits: Actuarial Gains and Losses, Group Plans and Disclosures, comments requested by 27 January 2005.

• to provide technical expertise to the European Commission concerning the use of IFRSs within the Europe,
• to participate in IASB's standard setting process, and
• to coordinate within the EU the development of views concerning IFRSs.