IASB and EFRAG Meet to Review Ongoing Projects and Other Topics
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.”