IASB Updated Workplan, Valuation Group Summary, Draft Of Proposed Changes To Board

June 20, 2008

FEI Summary

Following is an update of the International Accounting Standards Board (IASB) and the foundation that oversees the IASB, the International Accounting Standards Committee Foundation (IASCF).

On June 20, 2008, IASB published an updated work plan. [Note: as previously reported, the workplan reflects the renaming of the project formerly called “IFRS for Small and Medium Sized Entities” (IFRS for SMEs) to “IFRS for Private Entities.”)

Separately, earlier this week IASB posted a summary of the June 13 closed door meeting of its Expert Advisory Panel on valuing financial instruments in inactive markets.

Additionally, IASB posted a draft Discussion Document for its June 19 roundtable on the IASCF Constitutional Review, including a proposed IASCF Monitoring Group made up of representatives from the U.S. Securities and Exchange Commission (SEC), Japan Financial Services Agency (FSA), European Union (EU), World Bank and International Organization of Securities Exchanges (IOSCO), as well as a proposal to increase the size of IASB board from 14 to 16, and to change its prior policy of avoiding geographic quotas for board members to instead propose four IASB board members represent North America, four represent Europe, four represent Asia/Oceana and four others.

For readers who are following developments relating to IFRS and global accounting standards, see this information on the Corporate Roundtable on International Financial Reporting (CRIFR), which is in formation. Charter members include Financial Executives International (FEI), Eli Lilly, Honeywell, McGraw-Hill, Source Technologies, SMSC and Tyco.

Prepared June 20, 2008 by Edith Orenstein, Director, Technical Policy Analysis, Financial Executives International (FEI). This summary does not reflect FEI opinion unless specifically noted above.