The European Financial Reporting Advisory Group (EFRAG) and the German, French, Italian and UK national standard setters have formed a partnership to promote discussion and ensure that European views are influential in the debate on the IFRS conceptual framework.
As a result of the partnership, the bodies have issued three bulletins. The first, Prudence, considers the role of prudence when developing accounting standards.
The second, Reliability of financial information, discusses whether the replacement of reliability with faithful representation and the loss of the idea of a trade-off between relevance and reliability is appropriate.
The third, Uncertainty, examines whether uncertainty is best dealt with solely as a matter of measurement or should continue to play a role in either or both the definition of an element and the recognition criteria.
Deadline to comment on all three bulletins is 5 July.
Reliability of financial information bulletin