The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) met on 18 December 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
- IAS 19 Discount rate
- IFRS 11 and separate financial statement
- Post-implementation review of IFRS 8 Operating Segments as well as the OIC-EFRAG research on the subsequent measurement of goodwill, in anticipation of the post-implementation review of IFRS 3 Business Combinations.
- Input from Europe in the revision of the Conceptual Framework
Commenting on the meeting, Hans Hoogervorst, Chairman of the IASB said:
“We welcome these discussions with the EFRAG, which does an excellent job of ensuring that we are aware of European perspectives on our current projects. We are especially grateful for their recent work on our post implementation reviews and for assisting us through extensive field testing in Europe.”
Françoise Flores, EFRAG Chairman, said:
“In this meeting, the EFRAG delegation provided input in the finalisation of the IASB’s active project on Leases, Financial Instruments and Insurance, addressing both the definition of final requirement and how to use surveys and field tests to ensure smooth implementation and endorsement. The EFRAG delegation highlighted how critical the revision of the Conceptual Framework was for European stakeholders and how they would contribute to its success. The meeting reflected very well the constructive and collaborative relationship that IASB and EFRAG are enjoying.”
The EFRAG published a high level summary of the meeting’s discussions on www.efrag.org.
Mark Byatt, Director of Communications and External Affairs, IFRS Foundation,
Telephone: +44 (0)20 7246 6472, email: firstname.lastname@example.org
Nathalie Saintmard, Communication Manager, EFRAG
Telephone: +32 (0)2 210 44 07, email: email@example.com