All has been fairly quiet on the standard-setting front over the year-end, but the International Accounting Standards Board (IASB) has taken the opportunity to have a reshuffle of its technical staff, expanding the middle management layer. On the immediate horizon, we can expect two final standards to emerge, the revenue recognition standard and the interim standard on rate-regulated deferral accounts. The former should trigger a close examination to work out its application in individual companies, even if mandatory adoption is not for a while. The latter will have no impact in Europe as it applies only to first-time adopters.