At the meeting of the National Accounting Standards Board held by the NOFA Foundation on 27 September 2007, the discussion of the results of the Round table, organized by NOFA Foundation on 18 September, took place. At the meeting of the National Accounting Standards Board held by the NOFA Foundation on 27 September 2007, the discussion of the results of the Round table, organized by NOFA Foundation on 18 September, took place. The question regarding the conceptual deviations from IAS 17 «Leases» was also raised as a part of the procedure for development of the Russian analog of IAS 17 – SFO 17 «Leases». Finally, the members of the Accounting Standard Board expressed their opinions regarding the Exposure Draft «Proposed amendments to IAS 39 «Financial Instruments: Recognition and Measurement: Exposures qualifying for Hedge Accounting». Presenting the outcome of the event, Vadim Shelaginov, the project manager of the NOFA Foundation, emphasized that, overall, its participants supported the position of the NOFA Foundation in relation to the ED, prepared by the IASB. Nevertheless, the participants of the event made a few proposals in relation to the prоject, which would be analyzed by the members of the National Accounting Board before the completion of the final version of the Comment-Letter. After consideration of all the suggestions made by the participants of the Round Table, the members of the National Accounting Board participating at the meeting supported the idea of leaving out any amendments to the capitalization model when accounting for the borrowing cost in SME context and suggested to revise the Comment-Letter in order to put it forward for the voting by correspondence. Presenting IAS 17 «Leases» for the conceptual discussion, Vadim Shelaginov, the project manager of the NOFA Foundation, pointed to the fact that, IASB and the US Financial Accounting Standards Board are working on a joint project regarding the revision of this international standard. Nevertheless, the participants of the meeting were reviewing the text which corresponds to the officially approved standard for implementation in the European Union. Analyzing the text of the International standard, the members of the NASB concluded that any conceptual deviations from IAS 17 for its Russian analog are not necessary. The members of the National Accounting Board suggested to form a Working Group and to start working on editing the text of SFO 17 «Leases» without incorporating of any conceptual deviations. Presenting the Exposure Draft «Proposed amendments to IAS 39 «Financial Instruments: Recognition and Measurement: Exposures qualifying for Hedge Accounting» issued for the public discussion by the IASB, the Project Manager noted, that the suggested amendments concern 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. After this information being presented by the Project Manager, the participants of the meeting found it appropriate to delegate to one of the NASB members with an experience on working with the financial instruments to consider this issue in more detail and give directions to the project manager in order to prepare the Draft Comment- Letter for discussion at one of next Board’s meetings.