• IFRS 8Operating Segments
• IFRIC 12 Service Concession Arrangements
• IFRIC 11 IFRS 2: Group and Treasury Share Transactions
• IFRIC 10 Interim Financial Reporting and Impairment

• Approximately 80% of the countries that responded have adopted some form of accrual accounting across the full range and size of public bodies.
• While some countries have made rapid progress in implementing accrual accounting, some others are currently in transition and a smaller group are still using cash accounting.
• Most commonly, the transition is made first at the local level and only later at the national government level.

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Mr Bruns was the chief accounting officer of Daimler Chrysler and a professor of the University of Stuttgart. He has been instrumental in developing strong relationships with both governments and stakeholders across the European Union. The IASC Foundation will begin the process of seeking candidates to fill the vacancy left by Dr Bruns's retirement, together with a part-time IASB position, in line with its normal appointment procedures.

Click for Press Release (PDF 45k).

We have updated the following agenda project pages to reflect the discussions and decisions at the International Accounting Standards Board's January 2007 meeting:

• Amendments to IAS 12 Income Taxes
• Business Combinations Phase 2
• Fair Value Measurements
• Financial Instruments – Comprehensive Project
• Financial Statement Presentation
• Financial Instruments Puttable at Fair Value
• IFRS 2: Proposed Amendment for Vesting Conditions and Cancellations
• Insurance Contracts
• Intangible Assets
• Liability and Equity
• Management Commentary
• Related Party Disclosures
• IFRS for Small and Medium-sized Entities

The International Accounting Standards Board held its January 2007 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Thursday 23-25 January 2007. We have combined the preliminary and unofficial notes taken by Deloitte observers at the meeting on our January 2007 IASB Meeting Page.

The Exposure Draft would amend IFRS 1 First-time Adoption of International Financial Reporting Standards.

The proposals respond to concerns about difficulties encountered by parent companies in measuring the cost of an investment in a subsidiary on adopting IFRSs.

At present, IFRSs require a parent to measure an investment in a subsidiary either at its cost or at fair value. In some circumstances a parent is unable to determine cost in accordance with IFRSs but is deterred from using fair value to account for the investment by the subsequent need to measure the investment at each reporting date.

The Exposure Draft proposes to allow a parent to use a 'deemed cost' to measure its investment in subsidiaries when it first adopts IFRSs. This deemed cost can be determined by reference to the parent's investment in the net assets of the subsidiary or the fair value of the parent's investment.

In addition, the proposals would alleviate the need to restate the pre-acquisition accumulated profits of the subsidiary in accordance with IFRSs for the purposes of classifying dividends.

Comment deadline is 27 April 2007. Click for Press Release (PDF 52k).