The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) meeting reinforced both bodies’ continued support for a single set of high quality global accounting standards. EFRAG is the private sector body responsible for stimulating debate in Europe around the evolution of International Financial Reporting Standards (IFRS) 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 noted the role that the EU’s adoption of IFRS 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.
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.”
Flores added: “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 IFRS are fully debated, before, during and after consultation stage, so as to bring confidence that final standards will best serve capital markets.”
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