21 Nov 2002

The FASB has decided to include the following issues within the scope of FASB's Short-term International Convergence Project: Classification of liabilities on refinancing Classification of liabilities due on demand due to violation of debt covenant Asset exchanges – recognition of gain/loss on exchanges of similar productive assets and intangibles Voluntary change in accounting policies Financial instruments – implications of IASB amendments to IAS 32 and 39 Discontinued operations – differences in definition and timing of remeasurement Accounting for costs associated with exit or disposal activities Inventories – idle capacity and spoilage Distinction between changes in accounting policies and changes in accounting estimates Income taxes – differences in application of the temporary difference approach to accounting for income taxes Financial reporting in hyperinflationary economies Joint ventures – differences in definition and use of proportionate consolidation Interim financial reporting – discrete period vs.