The European Financial Reporting Advisory Group (EFRAG) has called on the International Accounting Standards Board (IASB) to extend the deadline to comment on the IASB Conceptual Framework Exposure Draft (ED) until 26 December 2015.
On 28 May the IASB published the ED seeking comment until 26 October. EFRAG is requesting more time to comment on a project that will have "a profound and overarching effect".
The European group said IASB’s constituents should have sufficient time to study the proposals, in particular whether they form an acceptable basis for future standard-setting.
EFRAG retorted the argument that there is enough time as constituents were already familiar with similar proposals based on a previous Discussion Paper published in July 2013. It said there have been significant changes in the project.
EFRAG added the ED does not provide sufficient principle-based guidance on key issues such as measurement methods in financial statements and the scope of the concept Other Comprehensive Income or OCI.
EFRAG observed that in other countries the deadline will effectively be shorter as the proposals need to be translated.In addition, EFRAG said a number of stakeholder events to discuss the project will only take place after the summer, reducing the opportunity to analyse and debate the ED in different jurisdictions.
A spokesperson told The Accountant that the IASB acknowledged receipt of EFRAG’s letter but for the time being, no comments would be made on the arguments raised by the European group.