Exposure drafts outstanding.

(This list was compiled as of July 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.)

Issue                                                           Comment
Date         Title or Description                              Deadline

FASB

6/30/05#     Business Combinations--a replacement of FASB     10/28/05#
             Statement No. 141#

6/30/05#     Consolidated Financial Statements, Including     10/28/05#
             Accounting and Reporting of Noncontrolling
             Interests in Subsidiaries--a replacement of
             ARB No. 51#

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)

6/15/05#     Proposed Statement on Auditing Standards:         8/15/05#
             Amendment to "Due Professional Care in the
             Performance of Work" of Statement on Auditing
             Standards No. 1, Codification of Auditing
             Standards and Procedures; 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#

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
             Statements on Auditing Standards and Proposed
             Statement on Standards for Attestation
             Engagements: Defining Professional
             Requirements 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
             Engagements 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"

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)

6/17/05#     Omnibus Proposal of Professional Ethics           8/16/05#
             Division Interpretations and Rulings#

4/18/05      Proposal of Professional Ethics Division          6/17/05
             Interpretations and Rulings

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;
             Release 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)

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

6/27/05#     Accounting for Fiduciary Activities               8/30/05#
             (Revised)#

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 fist of outstanding PCAOB exposure drafts is available
online at www.pcaobus.org.

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.

Note: New additions indicated with #.

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 online
         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.alcpa.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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