The Board discussed whether there was a need to re-expose the revised draft IFRS for Non-publicly Accountable Entities (NPAEs) as a result of the changes made during the Board�s redeliberations of the February 2007 exposure draft. The Board considered the changes made in the light of the guidelines for re-exposure in the Due Process Handbook for the IASB. The Board decided unanimously that re-exposure was not required.
Implementation and review
The Board asked the staff to develop a plan for implementation and subsequent review of the standard. The plan should address:
- how to deal with issues that arise as entities around the world adopt the new standard for the first time
- how to maintain the standard, particularly in the light of the changes to full IFRSs that are expected on the basis of the IASB�s work plan.
Name of the standard
The Board discussed the reaction to its tentative decision in January 2009 that the name of the final standard should be International Financial Reporting Standard for Non-publicly Accountable Entities, or IFRS for NPAEs. Some Board members observed that the reaction to this name has been somewhat unfavourable because (a) it is expressed in the negative, (b) all entities have some types of accountability to the public and (c) �non-publicly accountable entity� is a complicated phrase to say and to translate. The Board discussed alternative names and expressed a preference to revert to IFRS for Private Entities, with Simplified IFRSs as a second preference. Board members will discuss the name with representatives of the national standard-setters at their meeting in April 2009.
Indicative vote on the final standard
The Chairman asked the Board members to indicate how they expected to vote on the final standard. Thirteen Board members indicated an intention to vote in favour, and one to