SAC has met 18-19 February (click for Meeeting Notes). The Board discussed the following issues that arose in that meeting:

• IAS 16 appears to include concepts for cost capitalisation and measurement of provisions that are inconsistent with the requirements of IAS 37. The Board agreed to clarify that the principles IAS 37 should prevail.
• IAS 8 permits departure from several preferred treatments on grounds of 'impracticability', but impracticability has not been defined. The Board concluded it would be preferable to restrict such departures to circumstances in which compliance with the preferred treatment would cause 'undue cost'.
• Citing the Enron situation, members of SAC had discussed whether IAS 24 on related parties is robust enough with regard to disclosing relationships with special purpose entities (SPEs). The Board felt that SPEs are not related parties, and thus the issue would be better addressed in IAS 1. The Board considered whether to amend IAS 1 to include guidance on disclosing significant accounting policies and judgements, rather than just measurement uncertainties. Disclosure of the reasons for not consolidating an SPE would be required.
• IAS 24 currently does not require management compensation to be disclosed, and SAC members had suggested that this might be an area for amendment. The Board discussed the overlap of such a disclosure with existing legal disclosure requirements in individual countries. The Board decided to invite comment on whether IAS 24 should be amended to require separate disclosure in this area.
• As part of the Improvements Project, the Board had tentatively concluded to delete IAS 24.4(b), which says that disclosure of related party transactions is not required in parent company financial statements that are made available concurrently with consolidated financials tatements. Based on SAC discussion, the Board decided not to delete IAS 24.4(b), thereby continuing the exemption.