The staff presented a summary of the first meeting held on 13 June 2008 of the Expert Advisory Panel.

The staff noted that the purpose of that meeting was to identify the issues arising on valuing financial instruments when markets are no longer active and that possible solutions will be discussed at future meetings.

In addition the staff noted the following:

• No decision was made regarding the form of guidance the panel will provide, e.g. best practice guidance or input for amendment of standards.
• Subsets of the issues identified will be discussed by a subgroup of panel members at the next meetings in July (measurement issues) and August (disclosure issues). Meeting dates have not yet been confirmed. The meetings will be held in private sessions with public updates being provided at the July and September Board meetings.
• The last meeting is expected to be in September 2008.

Updates on the activities of the panel are also available on the IASB's website.