2011 Projects of IASB, EFRAG Cap June 14 Meeting
The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) have reviewed during the June 14 meeting the IASB’s current work program.
The meeting focused on the main projects that the IASB intends to finalize in 2011, as well as the time line for completion of those projects.
Both entities discussed recommendations on the projects on revenue recognition, leases, financial instruments and insurance contracts.
EFRAG is the private sector body tasked of 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.
The IASB and EFRAG agreed to work closely to ensure a broad European input into the standard-setting process and to organize field testing where appropriate.
Ian Mackintosh said: “We greatly appreciate EFRAG’s high quality technical input as we finalise these remaining convergence projects and begin the process of shaping the post convergence agenda of the IASB.”
Françoise Flores added: “This joint meeting…has been the opportunity for an open and constructive dialogue between the IASB and the EFRAG delegation, and leads us to believe that the relationship between the IASB and EFRAG will continue very much in the constructive mode that has been experienced under the chairmanship of Sir David Tweedie.”
The next meeting of the IASB and EFRAG will take place in the third quarter of 2011. EFRAG is publishing a summary of the messages expressed at the meeting.