IASB Holds Round Table Meetings On Consolidation

by Robin Pilgrim, LawAndTax-News.com, London

03 September 2008

The International Accounting Standards Board (IASB) has announced this week that it is planning to hold a series of round-table meetings with interested parties on consolidation later this month.

The first meeting will take place on Wednesday September 17, 2008 in London, UK.

In response to a recommendation made in the report of the Financial Stability Forum on Enhancing Market and Institutional Resilience, the IASB has decided to accelerate its consolidation project by moving straight to an exposure draft.

The objective of the round-tables is to facilitate progress on the project by obtaining public comment at an early stage of the project. The views received in the round-table discussions are expected to help the IASB in shaping its forthcoming proposals for creating a single IFRS on consolidation to replace IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation - Special Purpose Entities.

The IASB envisages publishing an exposure draft for public comment in the fourth quarter of 2008.

An initial staff draft of the exposure draft was presented to the IASB at its meeting in July and was published on its website as part of the observer notes for that meeting. As a basis for the round-table discussions an updated version of the staff working draft will be published shortly before the first round-table meeting.

Participants in the first round-table will be drawn from members of the IASB’s advisory groups, with a second-table to be held at the end of September in North America.

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