11-12 January 2007, London Thursday 11 January 2007

• IFRIC Due Process Handbook: Report on Board Discussion
• IFRIC D20 Customer Loyalty Programmes: Analysis of comment letters - Overview, separate component approach and scope
• IAS 19 Employee Benefits: Distinction between curtailments and negative past service costs
• IAS 19: Timetable for outstanding items
• IAS 39 Financial Instruments: Definition of a Derivative – Indexation on own EBITDA or own revenue
• IAS 18 Revenue: Revenue Recognition in Respect of Initial Fees
• Agenda Committee Business

• IAS 38 Intangible Assets: Treatment of Catalogues and other Advertising Costs
• IAS 21 Foreign Exchange: Hedging a Net Investment
• IAS 41 Agriculture: Recognition and Measurement of Biological Assets and Agricultural Produce
• Review of tentative agenda decisions published in November 2006 IFRIC Update
  • IAS 39: Short Trading
  • IAS 39 and IAS 27: Financial Instruments Puttable at an Amount other than Fair Value
  • IAS 39: Derecognition of Financial Assets
• Staff recommendations for tentative agenda decisions
  • IAS 17 Leases: Sale and leasebacks with repurchase agreements
  • IAS 19: Special wage tax
  • IAS 36 Impairment of Assets: Identifying cash generating units in the retail industry
  • IAS 39: Written options in retail energy contracts
  • IAS 39: Assessing hedge effectiveness of an interest rate swap in a cash flow hedge

1. Internal Controls. Implementation of requirements of the Section 404 of Sarbanes-Oxley Act concerning reports on internal controls.
2. Uncertain Tax Positions. Problems in implementing FIN 48 Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109. This issue is being addressed in the joint IASB-FASB Convergence Project on Income Taxes.
3. XBRL. "Expect more momentum in 2007 as more companies voluntarily adopt and the SEC continues to prioritise XBRL."
4. Fair Value. FAS 157 Fair Value Measurement takes effect in 2007. IASB has issued a Wrap-around Discussion Paper.
5. Servicing Assets and Liabilities. Implementation of FAS 156 Accounting for Servicing of Financial Assets - an Amendment of FAS 140.
6. Complexity in Financial Reporting. "The level of restatements (over 10 percent of [SEC] registrants) implies a level of complexity in the existing reporting model that requires subject matter experts on staff for every accounting area."
7. Derivatives. Particularly, master netting arrangements.
8. Pensions. FASB has issued FAS 158, Employers' Accounting for Defined Benefit Pension and other Postretirement Plans. IASB has begun a Project.
9. Earnings per Share. The IASB and FASB will each issue exposure drafts on the EPS Convergence Project.
10. Business Combinations. IASB and FASB Joint Project on Business Combinations Phase 2.