Minutes of the EFRAG Supervisory Board meeting 19 September 2014

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25 Sep, 2014

On September 19, 2014, the Supervisory Board of the European Financial Reporting Advisory Group, (EFRAG) held a meeting in Brussels. The meeting was the last meeting under the old governance structure.

During the meeting the EFRAG Supervisory Board received a report from the EFRAG Chairman on the status of key IASB projects, including the upcoming endorsement of IFRS 15 ‘Revenue from Contracts with Customers’ and IFRS 9 ‘Financial Instruments’.

Additionally the EFRAG Supervisory Board was updated on the developments in relation to the call for candidates of the President of the EFRAG Board and the evaluation of the IAS Regulation.

An update was provided on the EFRAG reform and it was noted that members of the new EFRAG Board including the President of the EFRAG Board will be appointed on 31 October 2014.

Finally, the EFRAG Supervisory Board reviewed the comments received as part of EFRAG’s due process on the EFRAG draft comment letter on the IASB’s quality control procedures prior or post issuance of a final standard or major amendment to a standard.  A number of respondents supported the EFRAG’s request for a public fatal flaw and at the meeting the EFRAG supervisory Board approved the letter to the IASB recommending such a public fatal flaw prior to finalisation of a standard or a major amendment to a standard.

The full meeting minutes are available on the EFRAG website.

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