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February 20, 2011

EFRAG supports IASB on offsetting

The European Financial Reporting Advisory Group (EFRGA) said it supports the international standard setter’s exposure draft on offsetting financial assets and financial liabilities.

EFRAG said the International Accounting Standards Board (IASB) should consider early adoption of the proposal as there is need for its adoption to be aligned with IFRS 9.

But EFRAG has expressed some concern over the level of detail required in the IASB’s proposal. It is urging the standard setter to consider the exposure draft in the context of existing disclosure requirements in IFRS 7 and to ensure the standard remains consistent and balanced across topics.

The proposal on offsetting is open for comment until 28 April 2011.

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