1-2 November 2007, London Thursday 1 November 2007

• Introduction
• IAS 27 – Accounting for Distributions of Non-cash Assets to Owners
• IAS 39 Financial Instruments: Recognition and Measurement – Two potential IFRIC agenda projects
  • Scope of IAS 39 paragraph 11A
  • Application of paragraph AG 33(d)(iii) of IAS 39
• IAS 18 Revenue – Customer contributions The IFRIC will also consider a draft Interpretation prepared by the staff based on its discussions to date.
• Review of Tentative Agenda Decisions published in September IFRIC Update
  • IAS 19 Employee Benefits Treatment of employee contributions
  • IAS 19 Employee Benefits Changes to a plan caused by government
  • IAS 19 Employee Benefits Death in service benefits
  The tentative agenda decisions and the comment letters received are available on the IASB Website.

Friday 2 November 2007

• Staff Recommendations for Tentative Agenda Decisions
  • IAS 19 Employee Benefits Pension – Promises based on performance hurdles How to measure a defined benefit obligation that is based, in part, on the employee or company meeting a performance hurdle
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets – Deposits on returnable containers
  • IAS 23 Borrowing Costs – Foreign exchange differences associated with capitalisable borrowing costs a. To what extent should foreign exchange differences be regarded as an adjustment to interest costs? b. When an entity hedges its exposure to foreign exchange movements, to what extent should costs associated with the hedging instrument be considered to be part of the borrowing costs that may be capitalised?
  • IAS 19 Employee Benefits – Definition of plan assets How should insurance and investment policies issued to a pension plan by an entity that employs the staff included in the plan (or by a subsidiary that is consolidated in the same group as that entity) be considered in determining plan assets.
  • IAS 39 Financial Instruments: Recognition and Measurement – Scope of IAS 39 paragraph 2(g) Paragraph 2(g) exempts from the scope of IAS 39 'contracts between the acquirer and a vendor in a business combination to buy or sell an acquiree at a future date'. The project would consider several questions in applying this paragraph.
• Administrative Session

Reconciliation. "Strong arguments can be made for the rapid elimination of the reconciliation requirement. Reconciliation is an additional cost for foreign private issuers registered in the United States. That cost is hard to justify. In the discussions at the SEC's IFRS roundtable earlier this year, we learned that the reconciliations are of limited use to those who look at financial statements."

Consistent application. "The SEC is working with our fellow international securities regulators and accounting standard setting bodies to achieve the consistent application and interpretation of IFRS. The SEC staff, which receives IFRS filings from all over the world, is in an excellent position to spot potential issues, but it does not intend to become the arbiter of IFRS. I hope that if the rule is adopted and properly implemented, investors will benefit from the elimination of the costly reconciliation requirement, and businesses will be able to refocus their resources on more productive measures."

Possible use of IFRSs by US companies. "As further evidence of the global nature of the capital markets, the SEC likely will consider whether to take the additional step of permitting U.S. companies to select between using U.S. GAAP and IFRS. You can easily see the utility of IFRS for multi-national American companies that access international capital markets and have foreign-based competitors. Last month, the SEC voted to issue a concept release on permitting U.S. issuers to file their financial statements using IFRS rather than U.S. GAAP. That would leave the choice between U.S. GAAP and IFRS to the markets. If investors prefer one set of accounting standards over another, they may well reward with premium pricing those issuers who use the preferred set."

New York City, Public Portion, Afternoon of 31 October 2007 (13:15-17:00pm)

• Approval of July Minutes
• Report of the Procedures Committee
  • Feedback from September meeting with IASB
  • IFRIC Constitutional change
  • Discussion of IASB consultation initiatives (feedback statements and cost benefit analyses)
  • New Committee name
• Report of the IASB Chairman
  • Review of convergence activities (United States, Japan, China, and India)
  • 2008 goals
  • Discussion of Proposed Agenda Items
  • Discussion of any implications of sub-prime and liquidity crisis for IFRSs
• Report of the SAC Chairman
  • Update on SAC Effectiveness Survey
  • Plans for Upcoming SAC Meeting
• Update on long-term funding

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