The staff presented an updated draft version of the IASB Work Plan and asked the Board if it has questions on items on the agenda.

One Board member asked about the progress on the short-term convergence project on impairment as there are major differences between US GAAP and IFRSs. The staff said that the project is lead by the FASB, and no resources are currently allocated to this project as the FASB gives higher priority to the long-term convergence projects.

On the short-term convergence project on income taxes the Board was informed that a pre-ballot ED would be circulated amongst Board members early in the new year.

Regarding the revenue recognition project the staff mentioned that it will insert cross references to the paper on this topic issued by the PPAinE (Proactive Accounting Activities in Europe).

The Board was informed that the progress on the project on lease accounting has slowed due to a lack of staff resources.