1. ® The Accounting Language of the 21st Century David TWEEDIE Chairman, International Accounting Standards Board United Kingdom

2. ® International Accounting Standards Board IASB – the Crucible of Convergence Sir David Tweedie IASB Chairman

3. ® US Problems Special Purpose Entities Enron Revenue/Expense Recognition Enron Xerox Global Crossing Waste Management World Com

4. ® US Problems Related Parties Enron Baptist Foundation Leasing Xerox Global Crossing

5. ® Need for Convergence Attracting investment through transparency Reducing the cost of capital Increasing world-wide investment Reducing costs

6. ® IASC Developments Improvements Project

7. ® IASC Developments Improvements Project IOSCO Agreement

8. ® IASC Developments Improvements Project IOSCO Agreement The Restructuring

9. ® IASB Structure 19 Trustees Standards Advisory Council IASB IFRIC National Standard Setters

10. ® IASC Developments Improvements IOSCO etc The restructuring EU/Australia 2005

11. ® Convergence Agreement – FASB Remove differences Align agendas interpretations

12. ® Role of National Standard Setter Deal with national issues Align agenda Influence IASB debate Lead on certain issues

13. ® Problems for IASB Principles v rules

14. ® Problems for IASB Principles v rules Acceptance of Standards  EU  SEC

15. ® Problems for IASB Principles v rules Acceptance of Standards  EU  SEC Enforcement

16. ® IASB – The Global Standard-Setter A common conceptual framework

19. ® The Agenda Improvements

20. ® The Agenda Improvements Differences between national standards

21. ® The Agenda Improvements Differences between national standards Conceptual issues

22. ® The Agenda Improvements Differences between national standards Conceptual issues Leadership projects

23. ® Leadership Derecognition Leases Financial Instruments Performance reporting Share-based payments

24. ®