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.
- Mark Byatt, Director of Corporate Communications and External Affairs, IFRS Foundation
Telephone: +44 (0)20 7246 6472
- Nathalie Saintmard, Communication Manager, EFRAG
Telephone: +32 (0)2 210 44 07