The European reporting regulator has called on
the International Accounting Standards Board (IASB) and the US
Financial Accounting Standards Board (FASB) to agree on a joint
timetable to finalise a converged accounting standard for financial

In a letter to the standard setters, The
European Financial Reporting Advisory Group (EFRAG) said that
directions set by the IASB in the first phases of the development
of IFRS 9 should form the basis for high-quality financial
reporting requirements for financial instruments.

EFRAG has said the boards should follow the
G20 call to urgently achieve a single set of high-quality global
accounting standards.

The letter from EFRAG comes just days after
the European Commission urged the Securities and Exchange
Commission to make a positive decision towards adopting IFRS in its
response to the strategy review of the IFRS Foundation.