IASB and EFRAG Meet to Review Ongoing Projects and Other Topics

July 19, 2012 /

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.”

 

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