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Late 2008, at SCAN 2008 in El Paso, TX, an effort to standardize interval computations was started by a working group of the IEEE Microprocessor Standards Committee, titled the Interval Arithmetic Working Group of the IEEE P1788 Standard. This paper describes the goals of this effort, the history of the working group, and how it relates to the IEEE 754 Standard. It gives a brief overview of the policies and procedures for constructing the standard, and its expected structure. It also presents some of the questions the group may have to solve in the future.