This discussion was brought forward from Wednesday and observer notes were not provided at the time of the meeting.

The staff recommended that:

a. the short-term project on joint ventures, whose objective is to achieve convergence in the accounting for interests in jointly controlled entities, be conducted by the IASB's and FASB's joint Convergence project team.

b. the longer-term and more fundamental review of joint venture arrangements be conducted as a research project by the Joint Ventures research team lead by the Australian Accounting Standards Board (AASB) with help from the standard-setters in China/Hong Kong, Malaysia, and New Zealand.

The Board tentatively agreed to remove the short-term convergence project and ask the AASB to accelerate the research project. The staff were requested to discuss this with the AASB, to obtain a revised timetable so that more Board meeting time could be made available for the project, and to consider the issue at the first available meeting, possibly November. In addition the staff should consider what amendments could be made particularly in the area of disclosures.