I firmly believe in international competition and open markets. I have always been very firm with Member States and national regulators when protectionist tendencies spring up. It is the same for third countries. Protectionism is for 20th century historians, not for 21st century regulators.

One of our key objectives has been to promote international standards. Carefully crafted, they are a powerful tool to extract the best from globalisation. Take, for example, IFRS accounting standards. Soon we hope that they will be accepted in every significant financial centre: the EU of course, US, China and Japan. One set of accounting rules for those companies who wish to list in the world's best financial markets. Is this not the right mix between competition, efficiency and regulation?

17-20 July 2007, London

Tuesday 17 July 2007 (afternoon only)

• Conceptual Framework – Elements and Recognition
• Earnings per Share The Board will consider some detailed issues that have been identified with the application of the fair value model in certain circumstances, to maintain convergence with FAS 128.
• Share-based payment – Vesting Conditions and Cancellations
• IFRIC Update

Wednesday 18 July 2007 (afternoon only)

• Financial Instruments Puttable at Fair Value and Obligations Arising on Liquidation – Re-deliberations of Exposure Draft: sweep issues
• Annual Improvements Process
  • 1. Should IFRS 5 be amended to clarify the accounting in consolidated financial statements of a subsidiary classified as held for sale?
  • 2. Should IAS 36 be amended to conform the disclosures provided for value in use and fair value less costs to sell when discounted cash flow models are used?
  • 3. Should the guidance in IAS 17 relating to the classification of leases of land and buildings be amended?
  • 4. Should IAS 10 be amended to clarify why dividends declared after the balance sheet date are not liabilities?
  • 5. Should IAS 19 be amended to address an inconsistency relating to accounting for plan administration costs?
  • 6. Should the components of borrowing costs in IAS 23 be aligned with the definition in IAS 39?
  • 7. Should IAS 34 be amended to clarify that EPS disclosures need only be given when required by IAS 33?
  • The Board will also be asked to consider some alternative accounting models to address the issues it discussed at the June meeting relating to replanting obligations for biological assets.
  • Transitional provisions and whether early adoption should be encouraged for any or all of the proposed amendments.

Thursday 19 July 2007

• IAS 27 Consolidated and Separate Financial Statements - Formation of a new parent entity
• Post-employment Benefits – Discussion paper issues
  1. Definitions
  2. Classification of benefits in payment
  3. Benefit promises that include a 'higher of' option
  4. Issues relating to the measurement of defined return promises
  5. Update from the working group meeting
• Income Taxes
  • The use of an undistributed or distributed rate to measure deferred tax assets and liabilities
  • Definitions of tax credits and investment tax credits
  • The definition and treatment of special deductions
• Conceptual Framework – Measurement and Reporting Entity

Friday 20 July 2007 (morning only)

• Liabilities – Amendments to IAS 37
  1. Distinguishing a liability from a business risk (including stand ready obligations)
  2. Uncertainty about the existence of a present obligation
  3. Constructive obligations

12-13 July 2007, London Thursday 12 July

• IAS 18 Revenue - Customer contributions– Accounting for the receipt of customer contributions such as an asset (or cash towards the construction or acquisition of an asset) that is then used to provide an ongoing service or an ongoing supply of goods to the customer.
• IAS 18 Revenue – Should interpretive guidance on identifying agency arrangements be provided.
• IAS 27 Consolidated and Separate Financial Statements - De-mergers and other non-cash distributions
• IFRS 2 Share-based Payment - Group cash-settled share-based payment transactions
  • Scheme 1 - The employees of the entity will receive cash payments that are based on the price of the equity instruments of the entity; and
  • Scheme 2 - The employees of the entity will receive cash payments that are based on the price of the equity instruments of the parent of the entity.
  Under both schemes, the parent of the entity (not the entity) has the obligation to make the cash payments to the employees.
• Staff Recommendations for Tentative Agenda Decisions
  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations – Do the disclosure requirements of IFRS 7 Financial Instruments: Disclosures and IAS 19 Employee Benefits apply to non-current assets (or disposal groups) classified as held for sale and discontinued operations under IFRS 5.
  • IAS 19 Employee Benefits – Allocation of the effects of salary increases

• Review of Tentative Agenda Decisions Published in May 2007 IFRIC Update
  • IAS 12 Income Taxes – Deferred tax arising from un-remitted overseas earnings
  • IAS 39 Financial Instruments: Recognition and Measurement – Gaming transactions
  • IAS 39 Financial Instruments: Recognition and Measurement – Hedging future cash flows with purchased options
  • IAS 39 Financial Instruments: Recognition and Measurement – Hedging multiple risks with a single derivative hedging instrument
  • IAS 39 Financial Instruments: Recognition and Measurement – Scope of IAS 39 paragraph 11A
  • IAS 39 Financial Instruments: Recognition and Measurement – AG 33(d)(iii) of IAS 39
  • IFRS 5 Non-current Assets held for Sale and Discontinued Operations – Plan to sell the controlling interest in a subsidiary