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