Question 1: What are the areas for possible simplification of recognition and measurement principles for SMEs? In responding, please indicate:

• the specific accounting recognition or measurement problem for an SME under IFRSs;
• the specific transactions or events that create the recognition or measurement problem for an SME under IFRSs;
• why is it a problem; and
• how that problem might be solved.

While we remain of the view that the unrestricted fair value option as set out in IAS 39 Financial Instruments: Recognition and Measurement (Revised in March 2004) is preferable to a restricted version, we support the Board's current proposal compared to the previous restricted fair value option detailed in the Exposure Draft (June 2004). We encourage the Board to issue the amendment as soon as practicable.

19-21 April 2005, London

Tuesday 19 April 2005

IASB Board Meeting Location: IASB Offices, 30 Cannon Street, London

Agenda: See news story of 8 April 2005

Wednesday 20 April 2005

Meeting of the IASB and the Liaison National Standard Setters Location: The Council Room, One Great George Street, Westminster, London SW1P 3AA

• Matters Arising from Liaison Standard-Setters Meeting
  • Role of National Standard Setters
  • Proposed MoU
  • Technical Matters
  • Other Matters
• Interpretations
• IFRIC Review of Operations and Implications for National Standard Setters
• Interpretation and Guidance
• Future Work Programme and Priorities of IASB
• Planning for the Conceptual Framework Project
• Participation by National Standard Setters in Project Teams and Processes

Thursday 21 April 2005

Meeting of the IASB and the US FASB Location: The Council Room, One Great George Street, Westminster, London SW1P 3AA

Agenda: See news story of 8 April 2005

The combined agenda is Here.

8.1 International Financial Reporting Standards (IFRS). At this Annual Conference IOSCO has taken the opportunity to reiterate its support for the work of the International Accounting Standards Board (IASB), and encourages its members to accept financial statements in fillings for cross-border offerings prepared under the International Financial Reporting Standards (IFRS), with additional reconciliation or disclosure as necessary to meet national standards. In addition, IOSCO has encouraged those members still using supplemental treatments to continue to evaluate their need with the hope that within the foreseeable future, such reconciliation treatments will no longer be necessary.

IOSCO is also developing procedures to encourage cooperation and consultation among members in the regulatory interpretation and enforcement of IFRS. A consultation paper outlining the options with this approach as well as the principles to be adopted and their implementation has been distributed to the IOSCO membership. IOSCO envisages that it will be in a position to confirm a final model during the second half of 2005, in time to be used in conjunction with reviews of 2005 annual financial statements.

8.2 Regulation and Oversight of Auditors. In response to the widespread interest in the conduct and quality of audits and in oversight of auditors, IOSCO recently conducted a survey on the regulation and oversight of auditors in a number of different jurisdictions. The survey revealed that IOSCO principles for auditor oversight and auditor independence were broadly implemented in most of the developed markets and some of the emerging markets even though there remained wide variations in the approaches and structures that are applied. IOSCO is currently in the process of analyzing the survey results and considering possible revisions to the related IOSCO regulatory principles.

19-21 April 2005, London

Tuesday 19 April 2005

IASB Board Meeting Location: IASB Offices, 30 Cannon Street, London

• Extractive Industries [Education Session]
• Insurance Contracts [Education Session]
• Amendments to IAS 39: The Fair Value Option
• Financial Guarantee Contracts and Credit Insurance
• Short-term Convergence – Income Taxes
• IFRS 6 – Clean-up Issue
• IFRIC Update

Wednesday 20 April 2005

Meeting of the IASB and the Liaison National Standard Setters Location: The Council Room, One Great George Street, Westminster, London SW1P 3AA

• Provisional agenda not yet announced

Thursday 21 April 2005

Meeting of the IASB and the US FASB Location: The Council Room, One Great George Street, Westminster, London SW1P 3AA

• Financial Instruments – Way Forward The Boards will discuss alternative approaches towards future projects on financial instruments accounting.
• Performance Reporting
  • 1. What topics will be addressed in Segment A and Segment B, including agreement on the required financial statements, whether to require a single statement of comprehensive income with a total for comprehensive income while retaining a subtotal similar to the concept of 'income from continuing operations' or 'profit or loss', and agreement on the number of years required to be presented in comparative financial statements.
  • 2. Whether the issue on requiring the presentation of the direct method for the statement of cash flows should be addressed in either Segment A or Segment B
  • 3. What is the timing and the type of document(s) for public comment that should be used for Segment A and Segment B
  • 4. Whether the document(s) for public comment should be drafted jointly by the IASB and FASB staff using the same wording (similar to a new standard such as Business Combinations II) or if the staff should amend each Board's existing guidance/literature using the same wording (whenever possible)
• Short-term Convergence: Income Taxes
• Concepts – Objectives