The International Accounting Standards Board
(IASB) must focus on delivering high quality standards on a timely
basis said the European Financial Reporting Advisory Group (EFRAG)
at the meeting with the standard setter.

The IASB and EFRAG met to discuss the work
plan of the IASB and projects to be completed in 2011.

The two bodies discussed convergence to
achieve high quality IFRSs with EFRAG suggesting projects should
not be subject to rigid deadlines. The schedule for completion
should allow for careful redeliberation, proper due process and
field-testing ensuring quality and relevance, according to

Regular meetings with the IASB give both
parties the opportunity to ensure that European constituents’
assessment of proposed changes to IFRSs are fully debated, before,
during and after consultation stage, so as to bring confidence that
final standards will best serve capital markets, according to EFRAG
chair Françoise Flores.

Other areas discussed were revenue
recognition, leases, hedge accounting, financial instruments
consolidation and insurance contracts.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.