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EFRAG comment letters to IASB/IFRIC

Aug 03, 2005

EFRAG has submitted its letters of comment to the IASB and IFRIC on the following draft documents IASB Draft Memorandum of Understanding on the Role of Accounting Standard-setters and the IFRIC Review of Operations.

In relation to the IASB Draft Memorandum of Understanding on the Role of Accounting Standard-setters, EFRAG comments as follows:

 

"Preparing the draft Memorandum of Understanding (MoU) has been a useful exercise.

We are not sure though that there are any significant benefits to be gained by developing the draft into a final document that is then signed by all the parties."

 

Click for:

  • EFRAG letter: IASB Due Process Handbook (PDF 22k) "Although the IASB is, in our opinion, one of the most transparent accounting standard-setters in the world, there is always room for improvement. In general, we support the proposals in the draft Handbook."
  • EFRAG letter: IFRIC Review of Operations (PDF 21k) "A number of European commentators are very concerned about the IFRIC's ability to cope with the demands that they believe will be placed on it in the coming months with large numbers of European companies applying IFRS for the first time." "We have had a number of concerns about the IFRIC agenda process."