The staff presented the results and findings of its outreach activities related to the July 2010 staff draft of an exposure draft on financial statement presentation. The IASB and FASB acknowledged the substantial amount of outreach conducted by staff and especially highlighted their appreciation to all the participants of the outreach activities. The boards also emphasised the valuable feedback received through several joint outreach meetings conducted by EFRAG and national standard setters.
The boards observed that there might be parts of the project that could be addressed in the nearer term and that the information provided would feed into the IASB's agenda consultation. The boards also noted that many parties thought that developing a conceptual basis for other comprehensive income should be addressed sooner rather than later. No formal decisions were made regarding technical aspects of the project or the timing of future board discussions.