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March 14, 2012

EFRAG and IASB discuss ongoing projects

The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) have met to discuss the IASB projects on insurance contracts, leases, financial instruments and revenue recognition.

Other issues discussed were the IASB’s project to make improvements on IFRS 9 and its plans to field test the IASB’s general hedge accounting review draft.  

The recent European Securities and Markets Authority paper on materiality and EFRAG’s forthcoming discussion paper on the disclosure framework were also addressed at the meeting.

“We welcome the positive and direct dialogue encompassing not only revenue recognition but also leases, financial instruments and insurance contracts.” EFRAG chairman Françoise Flores said.

IASB chairman Hans Hoogervorst added: “The EFRAG’s update on feedback received from participants in industry workshops on the revenue recognition proposals was of particular interest.”

During the meeting, the IASB and EFRAG also addressed the potential for co-ordination on research projects, the due process for the IASB’s forthcoming post-implementation reviews and co-ordination of user outreach.

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