Section 5.1 "For bookkeeping purposes, funds managed by IASA should be accounted for in a separate set of accounts which can be rolled-up periodically to the equivalent of a balance sheet and a profit and loss statement for IASA alone after taking into account the effect of common items paid for or received by ISOC as a whole." I think we want to specify what financial statements are produced in more detail, and how an audit may be triggered. Suggest this be changed to: "For accounting purposes, funds managed by IASA should be accounted for in a separate set of accounts, in order to allow the general of separate financial statements for IASA, after taking into account the allocation of common items paid for or received by ISOC. The allocation of these common items shall be agreed upon between the ISOC and the IAOC as part of the budget process. Financial statements to be produced for IASA include (but are not limited to) an Income (Profit/Loss) Statement, Balance Sheet and Statement of Cash Flows, in accordance with Generally Accepted Accounting Pinciples (GAAP). Should the IAOC not be satisified with these financial statements, the IAOC shall have the right to request that the ISOC conduct an audit." _______________________________________________ Ietf@xxxxxxxx https://www1.ietf.org/mailman/listinfo/ietf