The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) met on 16 July 2012 to discuss a number of topics, including;

• Progress of the IASB and the FASB towards completion of the three remaining convergence projects (Revenue Recognition, Leases and Financial Instruments) and a fourth, joint project, Insurance Contracts
• Proposed revisions to the IASB’s Due Process Handbook
• Planned post-implementation reviews of IFRS 8 Operating Segments and IFRS 3 Business Combinations, and
• Future cooperation between the IASB and the EFRAG on other matters, including effect studies and the development of a disclosure framework.

Commenting on the meeting, Hans Hoogervorst, Chairman of the IASB said:

“The EFRAG is an important stakeholder in our work to develop a single set of high quality global accounting standards. This meeting provided a further opportunity to exchange views on many important topics and we are grateful to the leadership and members of EFRAG for their continued support and co-operation.”

Françoise Flores, EFRAG Chairman, said:

“This meeting was particularly constructive as we envisaged with the IASB the best ways in which to coordinate our activities, both to support to the extent feasible a positive conclusion of the IASB’s four active projects and to actively contribute to the IASB’s Research activities.”  

The EFRAG will publish a high level summary of the meeting’s discussions on www.efrag.org.

Press enquiries

• Mark Byatt, Director of Corporate Communications and External Affairs, IFRS Foundation
  Telephone: +44 (0)20 7246 6472
  Email: mbyatt@ifrs.org 
• Nathalie Saintmard, Communication Manager, EFRAG
  Telephone: +32 (0)2 210 44 07
  Email: ns@efrag.org