Exposure drafts outstanding.

(This list was compiled as of June 1, 2005. For exposure drafts issued after that date, consult The CPA Letter. Note: 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.)

EXPOSURE DRAFTS OUTSTANDING

Issue                                                          Comment
Date                     Title or Description                 Deadline

FASB
4/28/05     The Hierarchy of Generally Accepted Accounting     6/27/05
            Principles
6/23/04     Fair Value Measurements                             9/7/04
12/15/03    Earnings per Share--an amendment of FASB           4/13/04
            Statement No. 128
6/10/03     Qualifying Special-Purpose Entities and            7/31/03
            Isolation of Transferred Assets--an amendment
            of FASB Statement No. 140

AcSEC (AICPA)
11/29/04    Proposed Statement of Position, Accounting by       1/7/05
            Insurance Enterprises for Deferred Acquisition
            Costs on Internal Replacements
6/19/03     Proposed Statement of Position, Allowance for      9/19/03
            Credit Losses
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)
5/9/05#     Proposed Statement on Auditing Standards:          6/27/05#
            Amendment to Statement on Auditing Standards
            No. 69, The Meaning of Present Fairly in
            Conformity with Generally Accepted Accounting
            Principles, for Nongovernmental Entities#
3/2/05      Proposed Statement on Auditing Standards:          5/15/05
            Defining Professional Requirements in
            Statement on Auditing Standards and Proposed
            Statement on Standards for Attestation
            Engagements: Defining Professional Require-
            ments in Statements on Standards for
            Attestation Engagements
1/12/05     Proposed Statement on Auditing Standards:          5/15/05
            Audit Documentation
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 on Standards for Attestation Engage-
            ments Related to Internal Control: Auditing an
            Entity's 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 on an Entity's
            Internal Control over Financial Reporting *
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 Mis-
            statement; 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)
3/18/05     Proposed Statement on Standards for Accounting     6/10/05
            and Review Services: Compilation of Specified
            Elements, Accounts or Items of a Financial
            Statement and Pro Forma Financial Information
3/18/05     Proposed Statement on Standards for Accounting     6/10/05
            and Review Services: Restricting the Use of an
            Accountant's Compilation or Review Report
3/18/05     Proposed Statement on Standards for Accounting     6/10/05
            and Review Services: Omnibus Statement on
            Standards for Accounting and Review Services--
            2005

OTHER (AICPA)
4/18/05     Proposal of Professional Ethics Division           6/17/05
            Interpretations and Rulings
3/30/05     Proposed Statement on Standards for Valuation      6/15/05
            Services, Valuation of a Business, Business
            Ownership Interest, Security, or Intangible
            Asset
9/20/04     XBRL US Financial Reporting Taxonomy Framework    11/19/04
11/15/02    Proposed Tax Standards Interpretation 1-2,         4/30/03
            "Tax Planning," of Statement on Standards for
            Tax Services No. 1, Tax Return Positions
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; Re-
            lease Nos. 33-8397A; 34-49403A; 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
            Standards                                          5/23/00
1/21/00     Supplementary Financial Information                4/17/00

GASB
3/25/05     Accounting and Financial Reporting for             6/24/05
            Pollution Remediation Obligations (preliminary
            views)
12/10/04    Accounting for Termination Benefits                3/11/05

IFAC
4/15/05     Proposed International Education Standard for      7/15/05
            Professional Accountants, "Competence
            Requirements for Audit Professionals"
3/22/05     Proposed International Standard on Auditing        7/31/05
            600 (Revised), "The Audit of Group Financial
            Statements"
3/22/05     Proposed ISA 260 (Revised), "The Auditor's         7/31/05
            Communication with Those Charged with
            Governance"
3/22/05     Proposed ISA 705 and ISA 706, "Modifications       7/31/05
            to the Opinion in the Independent Auditor's
            Report and Emphasis of Matter Paragraphs and
            Other Matters Paragraphs in the Independent
            Auditor's Report"
2/4/05      Proposed International Public Sector               6/15/05
            Accounting Standard, "Financial Reporting
            Under the Cash Basis of Accounting-Disclosure
            Requirements for Recipients of External
            Assistance"
12/20/04    Proposed ISA 320 (Revised), "Materiality in        4/30/05
            the Identification and Evaluation of
            Misstatements"
12/20/04    Proposed ISA 540 (Revised), "Auditing              4/30/05
            Accounting Estimates and Related Disclosures
            (Other than Those Involving Fair Value
            Measurements and Disclosures)"
11/9/04     International Guidelines on Environmental          2/28/05
            Management Accounting (EMA)
10/5/04     Proposed Revised Code of Ethics for               11/30/04
            Professional Accountants
9/23/04     Policy Statement, "Clarifying Professional        12/31/04
            Requirements in International Standards" and
            Consultation Paper, "Improving the Clarity and
            Structure of IAASB Standards and Related
            Considerations for Practice Statements"
9/23/04     ISA 230 (Revised), "Audit Documentation"           1/31/05
            and amendments to ISA 330, "The Auditor's
            Procedures in Response to Assessed Risks" and
            ISQC 1, "Quality Control for Firms that
            Perform Audits and Reviews of Historical
            Financial and Other Assurance and Related
            Services Engagements"
7/14/04     Preface to the International Standards on         10/15/04
            Quality Control, Auditing, Assurance and
            Related Services--IAASB Due Process and
            Working Procedures
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
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"

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

GAO
10/6/04     Guidance on GAGAS Requirements for Continuing     11/30/04
            Professional Education

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.

Note: New additions ar eindicated with #.

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.

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 Standards 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 ratline at www.gasb.org

AICPA--American Institute of CPAs (American Institute of Certified Public 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.iasb.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. Government Accountability 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

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

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