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

“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

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.