In September, ASB participated actively in meetings  organised by the IASB with ‘World Standard Setters’ (standardsetters from more than 50 countries from every continent) and 'National Standard Setters’ (that is, standardsetters, including the ASB, with whom IASB has formal liaison relationships).

The meeting of World Standard Setters was full of interest. Highlights included a speech by Donald T. Nicolaisen, Chief Accountant of the Securities and Exchange Commission of the United States of America (Mr Nicolaisen's remarks may be obtained from http://www.sec.gov/news/speech.shtml#staff04), and a presentation by IASB member James Leisenring on the importance for standard-setting of the discipline imposed by adherence to a conceptual framework. Technical subjects included consolidations and leases. These were conducted through break out sessions which provided all participants with an opportunity to express their views and were very successful. ASB led on the subject of leases, and there appeared to be a high degree of consensus that a new standard should be developed, replacing the operating/finance lease distinction with a single approach to accounting for all leases.

The National Standard Setters meeting provided an opportunity to discuss ways in which co-operation between IASB and National Standard-Setters could be strengthened going forward. Amongst the more significant issues was the means by which, consistently with the ‘Norwalk agreement’ between the United States FASB and IASB, national standard-setters can play a significant role in the development of future international accounting standards. The meeting also discussed an insightful paper, prepared by the Accounting Standards Committee of the Canadian Institute of Chartered Accountants on presentation and disclosure in financial statements.

It is to be hoped that these meetings will provide a basis for a fruitful discussion when IASB and the FASB meet in Norwalk, in October.