The staff noted that the purpose of the discussion was to set the framework for undertaking joint projects. They noted that these joint projects would have staff from both boards and would have similar papers resulting for consideration by the two boards. It was noted that the two boards would retain their individual decision making processes.

The joint boards agreed to start a joint project on conceptual issues staffed equally by staff of the two Boards. It was agreed that the project would commence in dealing with issues that have caused problems in individual standard setting projects.

The Board also concluded that the following projects should be undertaken in conjuction with the FASB:

• Joint project on liability extinguishments - FASB lead.
• Joint project on comprehensive income - UK ASB/IASB lead.
• Modified approach: Liabilities and equity - FASB lead.
• Modified approach: Insurance - IASB lead.

The Board will discuss further projects (including consolidations) during tomorrow's session.