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ECON exchange of views with Hans Hoogervorst and Michel Prada

  • IFRS - IASB Image
  • European Union Image

Jan 25, 2017

On January 25, 2017, the European Parliament released a video of the annual exchange of views between the Committee on Economic and Monetary Affairs (ECON) of the European Parliament and representatives of the IASB and the IFRS Foundation. Hans Hoogervorst, IASB Chairman, and Michel Prada, Chairman of the IFRS Foundation Trustees, stood ready to answer questions of the Parliamentarians.

Mr. Hoogervorst made a few short introductory remarks mainly on the forthcoming new standard on insurance contracts (currently expected in May 2017), on which he also promised a full-fledged effect analysis.

There was a broad range of questions, including whether the election of Mr. Trump in the United States would have an effect on the international financial reporting landscape. Mr. Hoogervorst responded that "make US GAAP great again" had been a motto of US accounting well before the election.

Technical questions that drew the most attention were the amendments to IFRS 4 regarding the application of IFRS 9 together with IFRS 4. Mr. Hoogervorst repeated the IASB's belief that having two different standards applied in the same company did not seem desirable and that the overlay approach would provide conglomerates with a solution to their problems.

Another topic that was discussed from different angles was the frequency of amendments to IFRSs.

View the video recording of the ECON meeting on the European Parliament's website.

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