TAILIEUCHUNG - Joint Update Note from the IASB and FASB on Accounting Convergence Note from IASB on Governance Enhancements

Following site characterization, working hypotheses about important mechanisms that control the behavior of injected CO2 are developed and tested. This approach has been studied extensively over the last decade from a risk assessment perspective (Savage et al., 2004; Lewicki et al., 2006). The mechanisms that have controlled past behavior, and will control future behavior, need to be understood through fluid flow simulation based on an understanding of the fluid and chemical processes active at the pore level and guided by available injection/production and monitoring data. Simulations are utilized to predict the following: temporal and spatial migration of the injected CO2 plume; the effect of geochemical reactions on CO2 trapping and long-term porosity and permeability; cap rock. | Joint Update Note from the IASB and FASB on Accounting Convergence Note from IASB on Governance Enhancements April 2012 IASB-FASB Update Report to the FSB Plenary on Accounting Convergence 5 April 2012 Hans Hoogervorst Chairman International Accounting Standards Board Leslie F. Seidman Chairman Financial Accounting Standards Board Summary 1. In 2006 the IASB and the FASB the boards agreed on a Memorandum of Understanding MoU that identified the short-term and longer-term convergence projects that would bring the most significant improvements to IFRSs and US GAAP. The MoU was updated in 2008. 2. The boards are close to completing the MoU programme Most of the short-term projects identified for action have been completed or are close to completion and one has been determined to be a lower priority. Of the longer-term projects several have been completed and there are three of the originally identified projects for which the boards have yet to finalise the technical decisions leases revenue recognition and financial instruments. 3. In our previous report we indicated that neither board would issue a new standard until it had first considered whether re-exposure was necessary secondly that it had considered the feedback on the proposed final standard and thirdly that it was satisfied that the standards were operational. In mid-2011 the boards jointly announced that they had decided to re-expose both the revenue recognition and leases proposals. This decision was made in response to feedback from a broad range of global constituents who raised concerns about the significant impact these standards would have on financial reporting. While formal decisions have not been made by the boards on classification and measurement and impairment of financial instruments taking into consideration the significance of the changes that these projects propose we expect that they will also be re-exposed. 4. The IASB and the FASB are continuing to work expeditiously on reaching converged

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