Global Standards for the world economy

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IASB meeting summaries and observer notes

 IASB January 2007


The Board considered a draft agenda proposal to add a project on intangible assets to the Board�s agenda. Consistently with the Memorandum of Understanding between the FASB and the IASB, the proposal aims to facilitate a Board decision by December 2007 on the scope and timing of the proposed project. The proposal was made in the context of the five agenda criteria set out in the IASB Due Process Handbook.

The Board confirmed its October 2006 decision that the scope of the agenda proposal should include:

  • the initial accounting for intangible assets other than intangible assets acquired in a business combination (including internally generated intangible assets); and
  • subsequent accounting for all intangible assets.

These topics have the greatest potential to result in improvements to the present requirements. The project would not encompass the requirements for the initial accounting for intangible assets acquired in a business combination, or the initial and subsequent accounting for goodwill.

It is expected that a revised agenda proposal will be considered by the IASB at its March 2007 meeting and then jointly by the IASB and FASB in April 2007. An objective is to present the proposal to the Standards Advisory Council (SAC) for preliminary discussion in June, to the Trustees in October, and to the SAC for final consideration in November.

Date: 1/23/2007