The Board discussed a revised IASB work plan and revised project plans of all projects currently on the active and research agenda, including projects undertaken directly by the staff of the IASB as well as projects on which the IASB is working jointly with FASB and other standard setters. All technical plan papers were omitted from the observer notes.

The staff noted that all proposed revisions regarding staffing, scope etc. take into account the 'mid-2011 completion goal' discussed at the April 2008 joint Board meeting for projects that are part of the Memorandum of Understanding between the IASB and FASB (MoU).

The staff pointed out that overall 31 projects need to be finalised and 41 documents are intended to be published by 30 June 2011. According to staff the IASB intends to increase its staff by ten members by the end of 2008.

For each individual project the project plan was briefly introduced by senior staff of the IASB or FASB, respectively. Board members were then asked for their individual comments. No formal decisions regarding the way forward and next due process steps were made. Also no technical issues were discussed.

The staff announced that the revised IASB work plan will be published on the IASB's website shortly after the meeting. The revised work plan was not formally adopted by the Board at this meeting. The staff intends to make the following formal changes to the work plan:

• Show due process documents already published in addition to forthcoming documents
• Retain the classifications 'Active Agenda' and 'Research Agenda' but simplify the layout by reducing the number of sub-categories

The following projects/issues were discussed in more detail:

Financial statement presentation

The staff noted that this project was one of the most challenging regarding the timetable and proposed to cut back the scope. Some Board members noted that the scope as outlined in the revised project plan is too restricted and questioned whether this project should be continued. In particular, the exclusion of presentation and recognition of other comprehensive income and recycling was mentioned in this context. However, no final decision regarding the way forward was made.

Liabilities and equity (research agenda)

FASB staff was of the view that the project is adequately staffed, that an ED is expected to be published by the end of 2009 and that the project can be finalised by 30 June 2011. The staff noted that the project is still on the research agenda and that no formal agenda decision has been taken, yet.

One Board member strongly disagreed and noted that in light of the current problems with IAS 32 and the 'confusing' DP issued by the FASB it the timetable cannot be met. This Board member also raised the concern that the liabilities and equity project will cause political pressure and that it is very time consuming to deal with that. Some members of the IASB staff seemed to agree to this statement. However, no final decision regarding the way forward was made.

Leases

The staff noted that this project will address lessee accounting only and that a DP is expected to be published in November 2008. Some Board members expressed their disappointment that lessor accounting is not addressed but appeared to acknowledge that the reduction in scope is a necessary step to meet the timetable.

Liabilities (Amendments to IAS 37 and IAS 19)

The staff noted that the project manager of this project is on leave until September 2008 but that the work will be continued after her return. A final standard is expected to be published by the end of 2010 or beginning of 2011. Some Board members expressed their frustration with the progress made since the publication of the ED in 2005 and strongly recommended finalising this project as soon as possible. The Board noted that re-exposing the ED needs to be considered but no strong views were expressed in this regard.

Consolidation

The staff emphasised that high pressure has been put on the IASB mainly by regulators to finalise this project. The staff intends to go proceed with the project as follows:

• Present a 'consolidation package' integrating IAS 27 and SIC 12 in July 2008
• Not publish a DP but hold roundtables
• Publish an ED in Q4 2008

One Board member disagreed with the timetable and noted that this project interrelates with the derecognition project and, consequently, cannot be finalised without having expressed views on derecognition. This Board member also questioned the usefulness of roundtables with regulators since they may have different objectives and are not the primary target group. Another Board member responded that the dialogue with regulators may help avoiding 'surprises'.

Extractive activities (research agenda)

The staff noted that a DP is expected to be published in December 2008.

One Board member questioned whether it is worth proceeding with this project in light of the current resource constraints and recommended stopping the project. However, there seemed to be a majority view among Board members to proceed with the project. These Board members mainly noted that the current standard IFRS 6 is only a temporary standard, a lot of work has been performed by other standard setters, and very large companies are affected by accounting for extractive activities. The Chairman announced that the IASB will ask for a formal agenda decision in due course and that the DP will be published independent of the timing of the agenda decision.

Conceptual Framework Phase D: Reporting entity

The staff pointed out that a DP was recently issued but that there is currently no further plan for this project. Some Board members expressed their surprise that there are no plans to proceed with the project even though a DP has been issued. These Board members recommended carrying on with the project. No decision was made in this respect.

Potential agenda item: Disclosure project

The FASB staff informed the Board that the FASB is considering to begin a high-priority project to develop a principles-based disclosure standard that would replace some disclosure requirements in individual standards and would probably also introduce specific requirements for the structure and organisation of the notes. The Board was asked whether the IASB has any interest in participating in such a project.

The Board agreed not to participate in such a project but to closely monitor the FASB's work and to decide on an IASB project later.

Potential agenda item: Improving and simplifying IFRS 2 Share-based Payment

At the November 2007 Board meeting after finalising the deliberations on amendments to IFRS 2 Vesting Conditions and Cancellations the Board asked the staff to set up a small research group of staff and Board advisers to examine critical IFRS 2 issues and possible options for improving and simplifying IFRS 2. The staff noted that no detailed research has been carried out yet and recommended postponing further research until June 2011.

One Board member strongly disagreed with this proposal and pointed out that resolving the fundamental IFRS 2 issues is more important than many projects the IASB is currently spending time on. Finally, the Board directed the staff to complete the analysis for discussion at a future meeting.