The staff indicated that this session was the Board's annual review of the Agenda Plan and that no decisions were going to be taken. Decisions on the Agenda will be taken at the September and October meetings.

The staff indicated that the SEC was willing to recognise IFRSs as a high quality and comprehensive set of global accounting standards and will consider scrapping the requirement for a reconciliation between IFRSs and US GAAP provided certain differences are dealt with in the short-term convergence project.

In addition, the staff pointed out that the IASB is short of staff to deal with the current work load but plans were underway to increase the staff complement through a recruitment drive as well as asking for Practice Fellows from the major accounting firms.

The meeting in September will involve a more detailed discussion of projects.

This summary is based on notes taken by observers at the meeting and should not be regarded as an official or final summary.