IASB January 2008

Liabilities and Equity is a modified joint project on which the FASB has taken the lead for the research stage. In November 2007 the FASB published a Preliminary Views document Financial Instruments with Characteristics of Equity.

Under their Memorandum of Understanding, the IASB and the FASB are committed to publishing a due process document on liabilities and equity. To meet this commitment, the Board tentatively decided that an IASB discussion paper on liabilities and equity should contain an IASB Invitation to Comment and the FASB Preliminary Views document.

In January 2008, the Financial Instruments Working Group (FIWG) reviewed a draft of the Invitation to Comment.

At this meeting, the Board discussed that draft and the main points raised by the FIWG. The Board asked the staff to prepare a ballot draft of the discussion paper. The Board expects to publish the paper in the first quarter of 2008.