: The Board agreed that its staff should develop detailed project proposals for the following six projects for consideration as additional IASB agenda projects:

• Convergence topics: areas in which fairly limited changes to IAS could bring IASB standards in line with those of its partner standard-setters. Two topics mentioned were the smoothing mechanism for pensions in IAS 19 and accounting for income taxes under IAS 12.
• Business combinations - phase II
• Small and medium sized enterprises and enterprises in emerging economies
• Consolidation, especially Special Purpose Entities (SPEs)
• Financial Instruments - next steps, including approach to the Joint Working Group recommendations.
• Conceptual Framework, including definitions of the elements of financial statements and liability and revenue recognition.