The consultation was launched by the EFRAG in October 2015 and seeks views on the recent proactive work performed by the EFRAG as well as future proactive activities relevant for Europe.

In its comment letter the FRC highlights the following:

• It is important that the EFRAG remains independent from the International Accounting Standards Board (IASB) “so that it can provide a distinctive European voice in the development of IFRSs”.
• That the EFRAG should undertake more work on areas of the Conceptual Framework that require further development, should develop an impairment model for equity instruments and also continue with its work on its Transactions with Government project.  The FRC also indicates that the EFRAG should commence a project on how the public good is assessed, including the availability of quantifiable measures. 

The full comment letter is available on the FRC website.