ESMA replies to IASB agenda consultation
Nov 24, 2011
The European Securities and Markets Authority (ESMA) has posted to its website a comment letter on the IASB's Agenda Consultation 2011.
Even though ESMA believes that this concultation can provide additional input for the agenda setting process, it does not "consider the consultation to be the basis on which to determine what projects, and the scope of these, the IASB should work on for the coming years".
Apart from requesting a period of calm in changes to accounting standards (which has been asked for in many comment letters to the IASB) and pointing out that the major projects the IASB is currently working on (revenue recognition, leases, insurance contracts, financial instruments) will "go well beyond 2011", ESMA comments that the IASB has pressing business on its hands that does not need to be consulted about.
Three aspects ESMA mentions specifically:
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