The staff provided a brief update on the activities of IFRIC. IFRIC 1 has been released, and EFRAG is recommending that this interpretation be endorsed in Europe. The staff explained the way in which they are using national standard-setters to assist in IFRIC activities. They noted that IFRIC Draft Interpretations D2 to D6 are currently outstanding, and they anticipate that D7 through D14 will be released prior to the end of 2004. Staff were hopeful that the IFRIC will have released up to eight final interpretations by the end of 2004.

The Board considered a draft interpretation that would (a) remove the scope exemption from SIC 12 for employee share schemes and (b) clarify the scope requirements of SIC 12 relating to post-employment benefit plans. The Board did not object to IFRIC's issuing it for public comment.