At the meeting of the National Accounting Standards Board, which took place on 25 October 2007, the Russian analog of the IAS 11 «Construction contracts», the FRS 11, prepared by the Working Group, was discussed by the members of the National Accounting Standards Board. At the meeting of the National Accounting Standards Board, which took place on 25 October 2007, the Russian analog of the IAS 11 «Construction contracts», the FRS 11, prepared by the Working Group, was discussed by the members of the National Accounting Standards Board. The Draft Comment-Letter on the ED Proposed Amendments to IAS 39 «Exposures qualifying for Hedge Accounting» and concepts and principles of IAS 12 «Income taxes» were also discussed. Finally, the participants of the meeting considered some issues regarding the legislative regulation of the accounting in the Russian federation. In the Draft FRS 11«Construction Contracts» the list of accounting definitions used was specified to achieve consistency with other standards and traditional terminology. In the Draft Comment-Letter on the ED proposed amendments to IAS 39 «Exposures qualifying for Hedge Accounting» prepared by the Working Group was suggested to support the position of the members of the IASB with regard to the types of risks, which can be designated as the hedged risk and specifying when an entity can designate a portion of the cash flows of a financial instrument as a hedged item. Yet, it was suggested to decline the requirements concerning the retrospective application of these amendments. After the discussion it was decided to put the both documents under consideration forward for the voting by correspondence. During the discussion of the conception IAS 12 «Income taxes» it was noted that there is no necessity for incorporation of any conceptual deviations to the draft of its Russian analog. As a result of the meeting, it was recommended to instruct the Project Manager to prepare the initial version of FRS 12 for the following discussion at the Working Group.