IASB and EFRAG meet to discuss work plan
15 November 2010
The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) met on 12 November to review the IASB’s ongoing 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 main projects that the IASB intends to finalise in 2011. EFRAG recommendations on the projects on Revenue Recognition, Leases, Financial Instruments, Consolidation and Insurance Contracts were discussed, with a particular focus on the need to deliver high quality standards on a timely basis.
Representatives of the IASB and the EFRAG emphasised their continued support for a single set of high quality global accounting standards, and noted the role that the European Union’s adoption of IFRSs has played in encouraging other jurisdictions to adopt international standards. They also highlighted the importance of broad engagement in the standard-setting process in pursuit of high quality standards that reflect input from all stakeholders.
Commenting on the meeting, Sir David Tweedie said:
Europe has been a long-term supporter of global accounting standards, and EFRAG’s voice is an important one in the standard-setting process. This was a useful meeting, with insight from EFRAG informing the Board on a number of major projects.
Françoise Flores said:
EFRAG is grateful for the constructive relationship it enjoys with the IASB. Our regular meetings with the IASB give both parties the opportunity to ensure that European constituents’ assessment of proposed changes to IFRSs are fully debated, before, during and after consultation stage, so as to bring confidence that final standards will best serve capital markets.
The next meeting of the IASB and EFRAG will take place in the first 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:
- Mark Byatt, Director of Corporate Communications, 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