ACCOUNTING
| IASB and EFRAG meet to discuss work plan Mon, 15 Nov 2010 14:09:59 GMT |
| IASB 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. |
Online Poll