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EFRAG draft comment letter on the IFRS Foundation’s proposal to establish an accounting standards advisory forum

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

16 Nov 2012

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IFRS Foundation’s proposal to establish an accounting standards advisory forum. EFRAG supports the main ideas of the proposal and indicates that it is willing to become a member of the new forum.

The IFRS Foundation issued the proposals for the creation of the Accounting Standards Advisory Forum (ASAF) on 1 November 2012. Creation of such a forum was recommended by the Trustees' strategy review to provide technical advice and feedback to the IASB from the standard-setting community.

In the draft comment letter, EFRAG supports the IFRS Foundation’s view that the size of the ASAF should be limited to allow for efficient and effective technical discussions. EFRAG also supports allocating seats to organisations rather than to individuals, however, EFRAG also believes that the IFRS Foundation should give those organisations the possibility to decide which individual is to represent the organisation at specific stages of a project. EFRAG also suggests a certain flexibility regarding the commitments the participants are asked to make in order not to preclude certain jurisdictions from participating.

In the draft comment letter EFRAG also suggests becoming a member of the ASAF itself. EFRAG argues that its close collaboration with all national standard-setters in Europe combined with its mandate from the European Commission makes it well placed to represent Europe in the technical financial reporting debate.

Please click for the following documents on the EFRAG website:

Comments on the letter are invited by 7 December 2012.

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