International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IFRS Foundation.

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International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IFRS Foundation or the IASB IASB revised work plan © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

2 Modified strategy and work plan  Prioritise major projects to permit sharper focus on those areas in most urgent need for improvement in both IFRS and US GAAP  Phasing of publication of EDs and related consultations to enable broad-based, effective stakeholder participation  Publication of separate consultation document seeking stakeholder input about effective dates and transition methods Target date for priority projects remains June 2011 © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

3 The major projects Crisis (MoU)  Financial instruments  Fair value measurement  Consolidation  Derecognition © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. Other (MoU)  Revenue recognition  Leases  Post-retirement benefits  Financial statement presentation  Liability/Equity Other (Non MoU)  Insurance contracts

4 The major projects Project ED issuedCompletion Derecognition - disclosures  Q Consolidation  Q Financial statement presentation (OCI)  Q Liability/Equity Fair value measurement  Q Post-employment benefits (Defined benefit plans)  Q © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

5 The major projects Project ED issuedCompletion Financial instruments Q3 & Q  Q Revenue recognition  Q Leases August 2010  Q Insurance  Q © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

International Financial Reporting Standards Modified strategy and work plan © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

77 IASB work plan  Financial crisis projects (joint with FASB)  Other prioritised projects  some joint with FASB  some IASB alone  Conceptual Framework (joint with FASB) 7 © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

8 Financial crisis projects – Derecognition Project ObjectiveTarget dates Derecognition  Near-term priority: improving and converging US GAAP and IFRS disclosure requirements  Additional research and post-implementation review of FASB amendments to assess future of the project (2012) Q3 2010: finalised improved disclosure requirements similar to US GAAP © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

99 Financial crisis projects – Consolidation 9 Project ObjectiveTarget date Consolidation  Boards agreed that standard should include common objectives and principles.  IASB project in three parts Full completion (IASB): Q © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

10 – Consolidation continued Project part Target dates Replacement of IAS 27  Q3 2010: FASB round tables on IASB’s proposed standard  Q4 2010: finalised IASB standard  possible FASB ED on IASB standard? Disclosures about unconsolidated SPEs/structured entities  Q4 2010: finalised IASB standard Investment companies (part of Consolidation project)  Q3 2010: ED  Q © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

11 Financial crisis projects - Other 11 Project StatusTarget dates Financial Instruments with characteristics of equity Effects of proposal in draft ED being explored Fair Value Measurement develop a converged definition of fair value and common implementation guidance (incl for illiquid markets) Q1 2011: target for final, converged standard © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

12 Prioritised projects – Financial Instruments Project ObjectiveTarget date Financial instruments Issuance of comprehensive improvements that foster international comparability of financial instruments Full completion: Q © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

13 Financial Instruments - Addressing differences Differing development timetables and imperatives resulted in differing conclusions in a number of areas. Strategy to address differences:  Boards will publish each others proposals  Joint consideration of feedback received  FASB round-table meetings on their comprehensive proposals (IASB participation) - Q  The Expert Advisory Panel is helping the boards to identify and resolve operational aspects of credit impairment models

14 Prioritised projects – Financial Instruments Project part Target date Hedge accounting ED (Phase III)ED: Q Impairment (Phase II)ED comments due 30 Jun 2010 Classification and measurement: financial liabilities ED comments due 16 July 2010 Asset and liability offsetting In response to stakeholder concerns (BCBS and FSB and others) to address differences between IFRSs and US GAAP  Q4 2010: ED publication (IASB and FASB)  Q1 2011: round tables  Q2 2011: publication of standards – timing aligned with other changes to the FI standards © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

15 Prioritised projects – other Project ObjectiveTarget date Revenue Recognition development of a single, common standard for a wide range of industries and transaction types  Q4 2010: round tables  Q2 2011: joint standard Leasesdevelopment of a joint lease standard that improves lease accounting and ensures that all lease contracts are recognised on the statement of financial position  August 2010: joint ED  Q4 2010: round tables  Q2 2011: joint standard © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

16 Prioritised projects – other Project ObjectiveTarget dates Presentation of OCI develop presentation standards that improve the reported items of OCI and allow easier comparability between US GAAP and IFRSs Q4 2010: converged and improved standard © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

17 Other joint projects ProjectStatusTarget dates Financial statement presentation  DP feedback indicated concerns that benefits could be outweighed by expected implementation costs.  Boards decided to engage in additional outreach activities and potentially reconsider proposals  Q3 2010: staff draft of proposed standard  Q4 2010: completion of outreach  Q1 2011: ED © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

18 Other joint projects 18 ProjectStatusTarget dates InsuranceIn 2009 the boards begin discussing the project jointly – agreed on joint approach in most areas  Q3 2010: FASB will publish IASB ED as a Discussion Paper with a FASB wrap- around  Q2 2011: final standard © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

19 Other joint projects 19 ProjectStatusTarget dates Emission trading schemes While understanding the growing importance of the project, the boards agreed that other MoU projects have a higher priority.  H2 2011: ED  2012: Converged standard Income taxesSignificant negative comments on ED; Board considers limited scope ED  H2 2010: ED expected  H1 2011: IFRS expected Joint ventures  Q3 2010: IFRS expected © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

20 Other MoU projects 20 ProjectStatusTarget dates Post-employment benefits (Defined benefit plans)  ED issued in April 2010  Comments due 6 Sept 2010  Q1 2011: IFRS expected © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

21 Other projects 21 Annual improvements  Q4 2010: ED planned  Q2 2011: IFRS planned Extractive activities (oil and gas and mining)  Comments due 30 July 2010  planned agenda decision Measurement of liabilities under IAS 37  Q3 2010: deliberations on re- exposure draft (Jan 2010) Management commentary  Q4 2010: Final ‘guidance’ document expected Rate-regulated activities  Q3: decision on next steps Effective date and transition  Q3: discussion document expected that will guide other final IFRSs © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

22 Conceptual Framework (joint with FASB) - documents currently being developed 22 Phase A Objective and qualitative characteristics  Final chapter expected 3Q 2010 Phase B Elements and recognition  To be determined Phase C Measurement  Discussion Paper planned 4Q 2010 or 1Q 2011 Phase D Reporting entity  ED was issued March 2010  Comments due 15 July 2010  Final chapter expected 4Q 2010 © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.

23 Conceptual Framework (joint with FASB) - potential future phases 23 Phase E Presentation and disclosure Not yet active Phase F Purpose and status of framework Not yet active Phase G Phase G Applicability to not-for-profit entities Not yet active © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK.