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EFRAG issues its comment letter on the 2015 IASB Agenda Consultation

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

21 Jan 2016

The European Financial Reporting Advisory Group (EFRAG) has issued its comment letter on the International Accounting Standard Board’s (IASB’s) Request for Views, “2015 Agenda Consultation”.

On 11 August 2015, the IASB launched its second public consultation to seek broad public input on the strategic direction and overall balance of its future work programme.

In its comment letter, the EFRAG believes that the main priority for the IASB should be completion of  the Insurance Contract Standard “including proper effect analysis and field testing so that the endorsement process in Europe can start in 2016”.  It also considers it “fundamental” that the IASB revises its Conceptual Framework and makes “significant progress” on the Disclosure Initiative and Dynamic Risk Management projects.

Regarding the IASB’s Research activities, EFRAG is “pleased” with the evidence-based standard-setting approach adopted by the IASB.  However, the EFRAG comments “we lack visibility and understanding of the objectives the IASB pursues with its research programme and on the type of problem each project aims at solving”.  To this end the EFRAG would like the IASB to provide an indication of the main goal of each project.  In its comment letter, the EFRAG provides an analysis and assessment of the importance of each IASB research projects.

Further, the EFRAG comments on the usefulness of post-implementation reviews when evaluating a standard and recommends that the IASB leverage work done by other accounting bodies during its research phase.

The press release and full comment letter is available on the EFRAG website.

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