At the joint meeting in October, the boards discussed a progress report on the outreach activities the staff have undertaken since the Staff Draft was released in July. The staff are about half way through the planned activities, with a series of European meetings planned for November and December and some field testing still to be completed. The boards observed that the outreach has been very valuable and the staff should continue with their planned outreach activities including meeting with the JIG and FIAG in December. The decision of the boards to give priority to projects targeted for completion in June 2011 means that the boards no longer plan to issue an Exposure Draft on financial statement presentation in the first quarter of 2011.
The staff and board advisors will meet with the project working group in December 2010 to discuss the cost and benefit information received during outreach activities and possible ways to move forward. The boards will return to this project when they have the requisite capacity. This is expected to be after June 2011.