On 10 September 2008, the IASB conducted a webcast progress report on their Small and Medium Enterprises (SME) project, now called the proposed International Financial Reporting Standard (IFRS) for Private Entities. The presentations can be downloaded from the IASB website. About 1,000 people registered for the two sessions and many participants submitted questions. 
 
The slides clarify the reasons for the project and the history of its development through the consultation process so far. 
 
The key decisions made by the Board and Staff start on slide 11and include:

• Historic cost should be the default measurement. Apparently it always was, but this will be made more explicit, via the “reliability exception” for financial assets and agriculture. The term “fair value” will be replaced by a clear description of what has to be measured 
  
• Goodwill may be amortised as well as tested for impairment 
  
• Staff have recommended a “taxes payable” approach to income tax, but this has yet to be approved by the Board 
  
• Some form of consolidation is likely to be included but is still being debated 
  
• Some form of simplified share-based payment – but not intrinsic value – will be included 
  
• What to do about pensions is still being debated 
  
• Recent debt/equity changes will be included