The staff opened the discussion by informing the Board that this was the 42nd board meeting at which this was discussed. The objective of this discussion was to decide whether there is a need to re-expose the revised proposals for an IFRS for Non-publicly Accountable Entities (NPAEs) as a result of the changes made during the Board's redeliberations of the February 2007 exposure draft (ED).

The staff recommendation was that re-exposure was not required.

The Board discussed whether there is a need to re-expose the revised draft as a result of the changes made during the Board's redeliberations of the February 2007 exposure draft (ED). The Board considered the nature of the changes made in relation to the guidelines for re-exposure in the Due Process Handbook for the IASB as approved by the Trustees of the IASC Foundation.

The Board decided unanimously that re-exposure is not required.

The Board asked the staff to develop a plan for post-issuance implementation and review of the standard. The plan should address (a) how to deal with issues that inevitably will arise as entities around the world adopt the new standard for the first time and (b) how to maintain the standard particularly in light of the changes to full IFRSs that are expected based on the IASB's current work plan.

One board member asked whether constituents were prohibited from sending issues relating to the NPAE to the IFRIC. The Chairman noted that issue will be addressed at an administrative session later. Another board member note that whatever is decided it will need to be brought back to the board to formalise the process.

The Board then discussed the reaction to its tentative decision in January 2009 that the name of the final standard should be International Financial Reporting Standard for Non-publicly Accountable Entities, or IFRS for NPAEs. Some Board members observed that reaction to IFRS for NPAEs has been somewhat unfavourable because (a) it sounds negative, (b) all entities have some types of accountability to the public for their actions, and (c) 'non-publicly accountable entity' is a complicated phrase to say and to translate. The Board discussed alternative names proposed including (1) Simplified IFRSs, (2) IFRS for SME, (3) IFRS for Smaller Entities, and (4) IFRS for Private Entities. The board expressed a preference to revert to IFRS for Private Entities, with Simplified IFRSs as a second preference. The Chairman will discuss the name with representatives of the National Standard Setters at their meeting in April 2009.

The Chairman asked the Board members to indicate how they currently intend to vote on the final standard based on the changes made during the Board's redeliberations of the February 2007 exposure draft (ED). Thirteen Board members indicated an intent to vote in favour, and one intends to dissent.

The Board noted their appreciation for the efforts of the staff in finalising the IFRS.