To illustrate the importance of regulatory coordination to the PCAOB, more than 700 of the [audit] firms registered with the PCAOB are in countries outside the United States, although they may be affiliated with large, U.S. based audit firms. As required by the Sarbanes-Oxley Act, many of these firms are registered with the PCAOB because they audit non-U.S. companies whose securities trade in U.S. markets and are required to file audited financial statements with the SEC. In addition, as also provided for in the Act, a number of other non-U.S. firms are registered because they audit or wish to audit significant non-U.S. subsidiaries of multinational U.S. companies. With respect to both categories of firms, the PCAOB continues to work closely with its foreign counterparts to optimize efficiency in the oversight of these non-US firms.

Agenda for Joint IASB-FASB Meeting23-24 October 2006, Norwalk, Connecticut USA

Monday 23 October 2006

• Liabilities and Equity
• Conceptual Framework:
  • Drafts of discussion materials for roundtables on measurement bases to be held in the first two months of 2007
  • Plans and procedures for finalising the common conceptual framework
  • Project status, plans, and priorities, focusing on the elements and recognition phase (B) of the project.
• Insurance

Tuesday 24 October 2006

• Memorandum of Understanding – Progress discussion
• Business Combinations II – measurement attribute for business combinations and how to measure noncontrolling interests
• Financial Statement Presentation
  • short-term and long-term sub-categories in the operating category;
  • presentation of information about liquidity in the notes to the financial statements;
  • the definition of financing liabilities, treasury assets, and investments (for purposes of determining what should be included in those categories);
  • application of the measurement working principle;
• Revenue Recognition