The NASB continued discussion of Exposure Draft of a Proposed IFRS for Small and Medium-sized Entities at the meeting on May 24, 2007. Besides the NASB considered draft financial reporting standard 107 “Financial Instruments: disclosures”, a draft comment letter on the IASB Exposure Draft of Proposed Amendments to IAS 24 Related Party Disclosure: state-controlled Entities and the Definition of a Related Party, and draft work plan of the National Accounting Standards Board for the second half of 2007. The NASB continued discussion of Exposure Draft of a Proposed IFRS for Small and Medium-sized Entities at the meeting on May 24, 2007. Besides the NASB considered draft financial reporting standard 107 “Financial Instruments: disclosures”, a draft comment letter on the IASB Exposure Draft of Proposed Amendments to IAS 24 Related Party Disclosure: state-controlled Entities and the Definition of a Related Party, and draft work plan of the National Accounting Standards Board for the second half of 2007. Considering Exposure Draft of a Proposed IFRS for Small and Medium-sized Entities the NASB members discussed the following questions: topics not addressed in the proposed IFRS for SMEs, adequacy of guidance, adequacy of disclosures, transition guidance, maintenance of the IFRS for SMEs. Project manager, who was in charge of the document in question, was to prepare draft comments on proposed IFRS for SMEs for approval of the NASB members taking into account the results of the meetings discussion. The second point of the agenda was draft financial reporting standard 107 “Financial Instruments: disclosures”, prepared by a working group for public comment. There were no disputable points within the working group on the draft FRS 107. So it was discussed and approved by the NASB members. Next point was a draft comment letter on the IASB Exposure Draft of Proposed Amendments to IAS 24 Related Party Disclosure: state-controlled Entities and the Definition of a Related Party. The period for public comment was expiring and comment letter was offered at the meeting for approval to submit to IASB.