The comment period for the ASB's ED of a proposed interpretation for public benefit entities of its 'Statement of Principles for Financial Reporting' closed on 30 November. The aim of the interpretation is to provide a coherent frame of reference to be used in the development of sector specific guidance for public benefit entities and to assist preparers and auditors faced with new or emerging issues. Over 70 responses have been received to date. The comments are currently being analysed and will be considered in the first instance by CAPE. During the exposure period, the ASB, jointly with the Chartered Institute of Public Finance and Accountancy (CIPFA), hosted a round-table where the proposals gave rise to much constructive discussion.

Appointments

Isobel Sharp, Technical Partner at Deloitte, stands down from the Board at the end of December, having completed two terms of office. An announcement on her replacement is imminent. While leaving the Board, Isobel has, however, agreed to continue as chair of its Committee on Accounting for Smaller Entities (CASE).

Isobel's replacement on the ASB is Robert Overend, who is the Technical Partner in Ernst and Young's Financial Reporting Group.