The staff provided the Board with an overview of how the staff intends to approach the joint meeting with the FASB. In addition, the staff informed the Board that the more difficult topics arising from the Business Combinations project will be brought back to the Board's for consideration as soon as the staff have completed the comment letter analysis as well as working through all those comments - a process that is time consuming as it does not constitute mere re-affirmation of the principles exposed.

The Board agreed with the staff's proposals and expressed support for the excellent work the staff has been doing on this project. The Board also noted that constituents who do not understand the IASB's due process should refer to the Due Process Handbook which sets out the process that the IASB must follow in finalising a Standard.

On whether re-exposure was likely for the Business Combinations exposure draft, the staff indicated that it was not yet clear whether this would be necessary.