- Joint IASB/FASB Meeting

The staff gave details of significant decisions to date and where the FASB and IASB agreed.

Differences between the decisions of the two Boards include:

• Definitions of the business category where FASB staff has proposed it relates to core business. (Each entity would have to define their core business and apply it consistently.)
• Definitions of the finance category where FASB allows the inclusion of income from cash and cash equivalents only.
• FASB has an 'other' category.
• FASB is debating the inclusion of an 'other comprehensive income' category. (IASB members questioned whether this gave rise to recycling. This is still under debate at FASB.)

FASB staff noted that various IASB tentative decisions were still to be debated by FASB in particular remeasurement and disaggregation.

It was agreed to set up a joint working party to consider the project and propose a joint solution for consideration by the Boards.