The aim of the session was to provide the Board members with a briefing on the ASB's work on pension accounting, and to give them an opportunity to make observations and suggestions for the future of this project. A summary of the session can be found in agenda paper 11. Paper 11A goes into more detail, but was not available to observers. It will be available on the ASB's website shortly.

The session focussed on the work being done to develop a new accounting standard that can be applied globally. The aim of the project was to be principles-based. Thus, for example, the current goal is for there to be no distinction between the principles behind accounting for defined benefit plans and defined contribution plans. Andrew Leonard (from the ASB) noted in his presentation that there are several active IASB projects that need to be considered as part of the work on pensions. These include the projects on:

• the conceptual framework;
• non-financial liabilities;
• consolidation;
• measurement;
• reporting financial performance; and
• insurance.

Several Board members noted that the insurance project was of particular relevance as there were many similar issues being faced, particularly on stand-ready obligations. No decisions were made during this session.