The NASB continued discussion of Exposure Draft of a Proposed IFRS for Small and Medium-sized Entities. The NASB continued discussion of Exposure Draft of a Proposed IFRS for Small and Medium-sized Entities at the meeting on May 10, 2007. Besides the NASB considered comments received on draft amendments to Russian Accounting Statutes (RAS) 6/01 and 14/2000 concerning the change of depreciation method and useful life of fixed assets and intangible assets and draft amendments to RAS 6/01, RAS 14/2000, RAS 5/01 and RAS 15/01, concerning present value of trade payables. The discussion of Exposure Draft of a Proposed IFRS for Small and Medium-sized Entities started with the analysis of decisions adopted by the IASB for IFRS for SMEs simplifications. The NASB discussed the following matters: financial instruments, goodwill impairment, cost method for associates and joint ventures, income taxes – ‘timing differences plus’ approach, share-based payment, leases. The other points of the Exposure Draft will be considered at the next meeting. The NASB summed up public comments of draft amendments to RAS 6/01 and RAS 14/2000 concerning the change of depreciation method and useful life of fixed assets and intangible assets and draft amendments to RAS 6/01, RAS 14/2000, RAS 5/01 and RAS 15/01 concerning present value of trade payables. NASB members noted some wordings inconsistencies proposed in the final drafts from corresponding IAS provisions. The additional analysis of proposed amendments was decided to be effected.