Delegates attended the meeting from Argentina, Brazil, China, India, Indonesia, Korea, Mexico, Russia and South Africa.  The IASB was represented by Mr. Ian Mackintosh (IASB vice-chair), Mr. Amaro Gomes (IASB board member) and Mr. Wayne Upton (IASB Director of International Activities and Chair of the IFRS Interpretations Committee).

The EGG is designed to enhance the voice of emerging economies in the process of setting IFRSs, including discussing specific accounting issues from emerging economies’ perspectives.

Whilst the communiqué does not provide a lot of detail on the discussions around the various issues, the following papers have also been made available on the IASB's website, and provide additional background information (bolded links are to the IASB's website):

• Transactions under common control - an in-depth paper prepared by the Korean Accounting Standards Board (KASB) discussing various accounting issues arising from both business combinations and other transactions involving parties under common control, including the definition and boundaries of common control transactions, types of common control transactions, and accounting for such transactions in consolidated and separate financial statements
• Hybrid/compound financial instruments - a paper prepared by the Brazilian Accounting Standards Board outlining issues identified in classifying particular types of hybrid financial instruments commonly issued in Brazil and other emerging economies under IAS 32 Financial Instruments: Presentation
• Impairment of financial instruments - another paper prepared by the Brazilian Accounting Standards Board outlining developments  in the IASB's project on financial instrument impairment, including general and specific issues arising in emerging economies of adopting the proposed 'three bucket' model.

The meeting also included general discussion on activities of the EEG and other matters.

The next EEG meeting will be held in Korea in May 2013.  Click for EEG Communiqué (link to IASB website).