Exposure drafts outstanding.

(This list was compiled as of May l, 2004. For exposure drafts issued after that date, consult The CPA Letter, Now: The policy for updating the list of exposure drafts is that a document should remain on the list until a final document has been issued or the project has been dropped. However, no comments will be received after the comments deadline has expired.

The list is not all-inclusive but is intended to present the exposure drafts of particular interest to professional accountants.)

Issue                                                         Comment
Date                    Title or Description                 Deadline

FASB

3/31/04    Share-Based Payment--an amendment of FASB          6/30/04
           Statements No. 123 and 95

12/15/03   Inventory Costs--an amendment of ARB No. 43,       4/13/04
           Chapter 4

12/13/03   Earnings per Share--an amendment of FASB           4/13/04
           Statement No. 128

12/15/03   Exchanges of Productive Assets--an amendment of    4/13/04
           APB Opinion No. 29

12/15/03   Accounting Changes and Error Corrections--a        4/13/04
           replacement oF APB Opinion No. 20 and FASB
           Statement No. 3

6/10/03    Qualifying Special-Purpose Entities and            7/31/03
           Isolation of Transferred Assets--an amendment
           of FASB Statement No. 140

2/20/03    Accounting for Real Estate Time-Sharing            4/30/03
           Transactions an amendment of FASB Statements
           No. 66 and 67

10/27/00   Proposed Amendment to FASB (Concepts Statement     3/31/01
           No. 6 to Revise the Definition of Liabilities,
           an Amendment of FASB Concepts Statement No. 6

10/27/00   Accounting for Financial Instruments with          3/31/01
           Characteristics of Liabilities, Equity, or Both

12/14/99   Reporting Financial Instruments and Certain        5/31/00
           Related Assets and Liabilities at Fair Value
           (preliminary views)

2/23/99    Consolidated Financial Statements: Purpose and     5/24/99
           Policy

AcSEC (AICPA)

6/19/03    Proposed Statement of Position, Allowance for      9/19/03
           Credit Losses

3/14/03    Proposed Statement of Position, Accounting by      5/14/03
           Insurance Enterprises for Deferred Acquisition
           Costs on Internal Replacements Other Than Those
           Specifically Described in FASB Statement No. 97

2/20/03    Proposed Statement of Position, Accounting for     4/30/03
           Real Estate Time-Sharing Transactions

12/17/02   Proposed Statement of Position, Clarification      3/31/03
           of the Scope of the Audit and Accounting Guide
           Audits of Investment Companies and Accounting
           by Parent Companies and Equity Method Investors
           for Investment in Investment Companies

ASB (AICPA)

3/5/01     Proposed Statement of Position, Auditing the        4/2/04
           Statement of Social Insurance

3/18/03    Proposed Statement on Auditing Standards,          5/30/03
           Communication of Internal Control Related
           Matters Noted in an Audit

3/18/03    Proposed Statements on Auditing Standards and      5/15/03
           Statement oil Standards for Attestation
           Engagements Related to Internal Control:
           Auditing an Entity Internal Control Over
           Financial Reporting in Conjunction With the
           Financial Statement Audit; Amendment to
           Statement on Auditing Standards No. 100,
           Interim Financial Information and Reporting an
           an Entity's Internal Control over Financial
           Reporting *

4/1/03     Proposed Statement on Auditing Standards,          5/15/03
           Sarbanes-Oxley Omnibus Statement on Auditing
           Standards *

12/2/02    Proposed Statements on Auditing Standards:         4/30/03
           Amendment to Statement on Auditing Standards
           No. 95, Generally Accepted Auditing Standards;
           Audit Evidence; Audit Risk and Materiality in
           Conducting an Audit; Planning and Supervision;
           Understanding the Entity and Its Environment
           and Assessing the Risks of Material
           Misstatement; Performing Audit Procedures in
           Response to Assessed Risks and Evaluating the
           Audit Evidence Obtained; and Amendment
           to Statement on Auditing Standards No. 39,
           Audit Sampling

ARSC (AICPA)

12/11/03   Proposed Statement on Standards fur Accounting     4/11/04
           and Review Services, Performance of Review
           Engagements

12/11/03   Proposed Statement on Standards for Accounting     4/11/04
           and Review Services, Standards for Accounting
           and Review Services

OTHER (AICPA)

5/30/03    Proposed Revisions to the AICPA Standards for       8/8/03
           Performing and Reporting on Peer Reviews

11/15/02   Proposed Tax Standards Interpretation 1-2, "Tax    4/30/03
           Planning," of Statement on Standards for Tax
           Services No. 1, Tax Return Positions

12/1/01    Proposed Statement on Responsibilities for         1/31/02
           Litigation Services No. 1

11/1/01    AICPA/NASBA Uniform Accountancy Act and           12/31/01
           Uniform Accountancy Act Rules

3/7/01     Statement on Standards for Continuing               8/1/01
           Professional Education Programs

SEC

4/15/04    Use of Form S-8 and Form 8-K by Shell               6/7/04
           Companies; Release No. 34-49566

3/11/04    First-Time Application of International            4/19/04
           Financial Reporting Standards; Release Nos.:
           33-8397; 34-49403; International Series Release
           No. 1274 (See Correction 3/18/04; Release Nos.
           33-8397A; 34-494013A; International Series
           Release No. 1274A)

6/26/02    Framework for Enhancing the Quality of              9/3/02
           Financial Information Through Improvement of
           Oversight of the Auditing Process; Release
           Nos. 33-8109: 34-46120; 35-27543; IA-2039;
           IC-25624

5/10/02    Disclosure in Management's Discussion and          7/19/02
           Analysis about the Application of Critical
           Accounting policies (Release Nos. 33-8098;
           34-45907)

4/12/02    Form 8-K Disclosure of Certain Management          6/24/02
           Transactions; Release No. 33-8090

4/12/02    Form 8-K Disclosure of Certain Management          6/24/02
           Transactions; Release No, 34-45742

2/18/00    SEC Concept Release: International Accounting      5/23/00
           Standards

1/21/00    Supplementary Financial information                4/17/00

GASB

1/30/04    (Revised Exposure Draft) Accounting and            4/30/04
           Financial Reporting by Employers for
           Postemployment Benefits Other Than Pensions

8/29/03    Economic Condition Reporting: The Statistical     11/28/03
           Section--an amendment of NCGA Statement 1

IFAC

1/20/04    Revenue from Non-Exchange Transactions             6/30/04
           (Including Taxes and Transfers)

1/20/04    Accounting for Social Policies of Governments      6/30/04

12/23/03   ISA 600 (Revised), "The Work of Related            3/31/04
           Auditors and Other Auditors in the Audit of
           Group Financial Statements" and IAPS, "The
           Audit of Group Financial Statements"

12/22/03   ISA700 (Revised), "The Independent Auditor's       3/31/04
           Report on a Complete Set of General Purpose
           Financial Statements" ISA 200, "Objective and
           General Principles Governing an Audit of
           Financial Statements" Amendment to ISA 210,
           "Terms of Audit Engagements" Conforming
           Amendments

11/11/03   Revision to Code of Ethics for Professional       2/15/04
           Accountants

10/30/03   Continuing Professional Development: A Program    12/31/03
           of Lifelong Learning and Continuing
           Development of Professional Competence

9/16/03    ED 23: Impairment of Assets--Proposed              1/31/04
           International Public Sector Accounting
           Standard

8/11/03    Proposed Revised international Standard on        11/15/03
           Auditing 240, "The Auditor's Responsibility to
           Consider Fraud in an Audit of Financial
           Statements"

8/11/03    Proposed Revised International Standard on        11/15/03
           Auditing 300 "Planning the Audit"

7/30/03    Proposed Statements of Membership Obligations     11/30/03

7/18/03    Proposed Revised Code of Ethics for               11/30/03
           Professional Accountants

6/24/03    Proposed International Standard on Auditing:       9/30/03
           "'Review of Interim Financial Information
           Performed by the Auditor of the Entity"

5/27/03    Proposed ISQC 1 "Quality Control for Audit,        8/31/03
           Assurance and Related Services Practices" and
           Proposed Revised ISA 220 "Quality Control for
           Audit Engagements"

4/6/03     Assurance Engagements--Proposed "International     6/30/03
           Framework for Assurance Engagements," Proposed
           ISAE 2000 "Assurance Engagements on Subject
           Matters Other Than Historical Financial
           Information" and Proposed Withdrawal of ISA
           120 "Framework of International Standards on
           Auditing," To Replace International Standard on
           Assurance Engagements 100 "Assurance
           Engagements"

4/4/03     The Special Considerations in the Audit of         6/30/03
           Small Entities, Proposed Amendments to
           International Auditing Practice Statement 1005

11/15/02   Terms of Reference, Preface to the                 2/28/03
           International Standards on Quality Control,
           Auditing, Assurance and Related Services, and
           Operations Policy No. 1--Bold Type Lettering

10/24/02   Audit Risk: Proposed International Standards on    3/31/03
           Auditing and Proposed Amendment to ISA 200,
           Objective and Principles Governing an Audit of
           Financial Statements

10/18/02   Reporting on Compliance with International         1/15/03
           Financial Reporting Standards

6/23/03    Review of interim Financial Information            9/15/03
           Performed by the Auditor of the Entity

FASAB

4/26/04    Inter-Entity Cost Implementation: Amending         7/31/04
           SFFAS 4, "Managerial Cost Accounting Standards
           and Concepts"

3/12/04    Presentation of Significant Assumptions for the    5/17/04
           Statement of Social insurance Amending SPFAS 25

10/16/03   Identifying and Reporting on Earmarked Funds      12/17/03

8/20/03    Heritage Assets and Stewardship Land:             11/10/03
           Reclassification from Required Supplementary
           Stewardship Information

4/21/03    Accounting for Fiduciary Activities                7/31/03

New additions appear in bold type.

* This exposure draft has been submitted to the Public Company
Accounting Oversight Board for its consideration as auditing and
attestation standards.

PCAOB

At the present time PCAOB exposure drafts have very short comment
periods. A list of outstanding PCAOB exposure drafts is available
online at www.pcaobus.org.

INFORMATION

The initials stand for the following organizations. Exposure drafts are available online at the Web addresses below or copies may be obtained at the address in parentheses (unless otherwise indicated).

FASB--Financial Accounting Standard Board (Order Department, Financial Accounting Standards Board, 401 Merritt 7, P.O. Box 5116, Norwalk, CT 06856-5116); also available online at www.fasb.org

GASB--Governmental Accounting Standards Board (Order Department, Governmental Accounting Standards Board, 401 Merritt 7, P.O. Box 5116, Norwalk, CT 06856 5116); also available online at www.gasb.org

AICPA--American Institute of CPAs (American Institute of Certified Pubic Accountants, Harborside Financial Center, 201 Plaza Three, Jersey City. NJ 07311-3881). AICPA publishes exposure drafts exclusively on the Web site at www.aicpa.org. Print copies are not available.

IASB--International Accounting Standards Board (International Accounting Standards Board, 30 Cannon Street, London EC4M 6XH, United Kingdom), also available online at www.lasb.org.uk

IFAC--International Federation of Accountants (International Federation of Accountants, 545 Fifth Avenue, 14th Floor, New York, NY 10017); also available online at www.ifac.org

SEC--Securities and Exchange Commission (Securities and Exchange Commission, 450 5th Street, N.W., Washington, DC 20549); also available online at www.sec.gov

FASAB--Federal Accounting Standards Advisory Board (Federal Accounting Standards Advisory Board, 441 G Street, N.W., Suite 6814, Washington, DC 20548); also available online at www.fasab.gov

GAO--U.S. General Accounting office (Government Auditing Standards Comments, Marcia B. Buchanan, U.S. General Accounting Office, Room 5089, 441 G Street, N.W., Washington, DC 20548); www.gao.gov

PCAO--Public Company Accounting Oversight Board, 1666 K Street, N.W., Washington, DC 20006-2803; [e-mail]

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