The International Accounting Standards Board
(IASB) must focus on delivering high quality standards on a timely
basis said the European Financial Reporting Advisory Group (EFRAG)
at the meeting with the standard setter.
The IASB and EFRAG met to discuss the work
plan of the IASB and projects to be completed in 2011.
The two bodies discussed convergence to
achieve high quality IFRSs with EFRAG suggesting projects should
not be subject to rigid deadlines. The schedule for completion
should allow for careful redeliberation, proper due process and
field-testing ensuring quality and relevance, according to
EFRAG.
Regular meetings with the IASB give both
parties the opportunity to ensure that European constituents’
assessment of proposed changes to IFRSs are fully debated, before,
during and after consultation stage, so as to bring confidence that
final standards will best serve capital markets, according to EFRAG
chair Françoise Flores.
Other areas discussed were revenue
recognition, leases, hedge accounting, financial instruments
consolidation and insurance contracts.
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