IASB and EFRAG review progress towards completion of major convergence projects
22 March 2011
The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) met on 18 March 2011 to review the IASB’s current work. EFRAG is the private sector body responsible for stimulating debate in Europe around the evolution of International Financial Reporting Standards (IFRSs) and providing input to the work of the IASB, after appropriate due process, on behalf of Europe.
Led by Sir David Tweedie, chairman of the IASB, and Françoise Flores, chair of the EFRAG, the meeting focused on the remaining three Memorandum of Understanding projects on financial instruments, leases and revenue recognition, as well as the project on insurance contracts. The EFRAG’s recommendations on these four projects were discussed. The two bodies agreed on the need for the IASB to deliver high quality standards and a commitment to a due process that reflects input from all stakeholders.
Representatives from the IASB and EFRAG discussed the steps required to conclude the remaining convergence projects and the subsequent process to endorse the standards for use in the European Union.
Commenting on the meeting, Sir David Tweedie said:
This was another useful exchange of views with our colleagues and friends at EFRAG. We continue to make good progress towards the completion of the G20 endorsed major convergence projects and remain committed to delivering standards of the highest quality that have benefited from unprecedented levels of public consultation.
Françoise Flores said:
EFRAG is appreciative and very supportive of the IASB efforts to best respond to the significant and numerous concerns expressed during the consultation period on Revenue Recognition, Leases and Insurance Contracts. We are satisfied to hear that high quality accounting requirements remain the IASB’s main driver. EFRAG is looking forward to helping the IASB further in organising, in close coordination with the IASB, outreach events throughout Europe in April and May to inform of, and discuss, the main tentative decisions made by the IASB and FASB in their re-deliberations of the standards.
The next meeting of the IASB and EFRAG will take place in the second quarter of 2011. EFRAG is publishing a summary of the messages expressed at the meeting. This summary is available to download from www.efrag.org.
Press enquiries
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Email: mbyatt@ifrs.org
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Nathalie Saintmard, Communication Manager, EFRAG
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