International Accounting Standards Board: The International Accounting Standards Board (IASB) is conducting a research project that is the first phase of a longer-term effort to improve IAS 31, Interests in Joint Ventures. The Australian Accounting Standards Board is leading a team of standard setters from Hong Kong, Malaysia, and New Zealand that are conducting the research project. As a first step in the research, a joint venture questionnaire was developed as a way of identifying the various structures of joint arrangements used worldwide. In some cases where two or more parties invest in an undertaking together, these arrangements have the characteristics of, and are classified under international financial reporting standards as, joint ventures. In other cases, they are classified under international financial reporting standards as investments in associates. Under U.S. GAAP, these types of investments are generally classified as equity-method investments, although some may be variable interest entities. The survey is intended to elicit information on these types of investments regardless of how they are currently accounted for. Relationship to the FASB Technical Agenda: The FASB does not currently have an active agenda project relating to the accounting for equity-method investments. However, the FASB and the IASB agreed in April 2004 to coordinate their future technical agendas. Therefore, the FASB expects that at some future date, it will add a project to its agenda to improve the accounting for joint ventures and other equity-method investments and further its goal of converging U.S. GAAP with international financial reporting standards. The results of the IASB’s research might significantly influence future FASB efforts to improve U.S. GAAP in this area.