In order to register for the meeting please follow details within the press release on the EFRAG website.  The full agenda can also be obtained from the EFRAG website.

David will join the FRC on 6 May 2014 and joins from the Department for Business, Innovation and Skills where he has worked in the Corporate Law and Governance Directorate and led implementation of departmental policy on directors' remuneration, shareholders' rights and corporate governance.

The press release can be found on the FRC website, here.

The 2014 taxonomy is consistent with IFRSs as issued by the IASB at 1 January 2014 and IFRS for Small and Medium-sized Entities as issued on 9 July 2009. The IFRS Taxonomy 2014 consolidates the two IFRS Taxonomy Proposed Interim Releases issued September 2013 and January 2014.

Please note that the IFRS Taxonomy 2014 follows a different architecture to the IFRS Taxonomy 2013, with separated modules for full Standards, IFRS for SMEs and IFRS Practice Statement Management Commentary.

Click here to access the IFRS Taxonomy files and accompanying materials on the IFRS Foundation's website.

Interested listeners have the ability to dial into the conference call.  Please click link for details of the registration on the EFRAG website. 

This second outreach event will (1) provide an explanation of macro hedging from banking and insurance industry representatives, (2) analyse real examples, (3) discuss the IASB’s proposals, and (4) provide the EFRAG’s current position. Registration for this event is requested by 30 June 2014.

The first outreach event will be held on 1 April 2014 to discuss the post-implementation review of IFRS 3.

For more information, see the press release on the EFRAG website.

The objective of the event is to obtain evidence about whether IFRS 3 (and related standards) was implemented on a consistent basis and to understand any unintended consequences arising from its introduction and implementation in practice.  The event will enable participants to assist with evidence in the submission of the FRC and ICAEW responses to the International Accounting Standard Board’s (IASB’s) RFI on the Post-implementation of IFRS 3 ‘Business Combinations’. 

As part of their call for evidence the FRC also invites interested parties to complete a questionnaire, jointly created with the European Financial Reporting Advisory Group (EFRAG) and the standard-setters of France, Germany and Italy. 

Click for:

• More information, including how to attend the outreach event can be found on the FRC website.
• UK Accounting Plus story on the EFRAG and European National Standard Setter call for evidence.
• UK Accounting Plus story on the IASB's RFI on the Post implementation review of IFRS 3.
• UK Accounting Plus project page on Post-implementation review of IFRS 3

We are concerned that the objective of the fair value measurement of credit risk is not clear. We believe that any guidance issued should state the valuation objective and that this objective should be valuation for financial reporting purposes, whilst acknowledging that valuation for other purposes exist and may result in the application of different valuation approaches. We also are concerned who the primary beneficiary would be. Large financial institutions will have limited use for the guidance in the ED, while, non-financial institutions appear not to be the target of the ED.

Click for the full comment letter.

ED/2013/10 proposes to change IAS 27 Separate Financial Statements to:

• Permit the equity method as one of the options to account for an entity's investments in subsidiaries, joint ventures and associates in the entity's separate financial statements.
• Require applying the change retrospectively when an entity elects to change to the equity method.

EFRAG published their draft comment letter in January 2014 and the final comment letter was published in February 2014.  

The feedback statement (link to EFRAG website) provides an analysis of the EFRAG tentative position expressed in the draft comment letter, describes the comments received from constituents and then highlight how these comments were considered by the EFRAG Technical Group (EFRAG TEG) in reaching their final position on the IASB ED set out in their final comment letter to the International Accounting Standards Board (IASB). 

Click for:

• EFRAG press release (link to EFRAG website).
• Feedback statement in full (link to EFRAG website).
• Our previous UK Accounting Plus story on the IASB’s Exposure Draft. ED/2013/10 'Equity Method in Separate Financial Statements (proposed amendments to IAS 27)'.
• Our IAS 27 — Equity method in separate financial statements project page
• Deloitte's 'Need to know' newsletter explaining the ED's proposed amendments

The full agenda for the meeting is summarised below:

Agenda papers from this meeting are available on the IASB's website.