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EFRAG enquiry on implementation of IFRSs

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

28 Jul 2005

The Supervisory Board of the European Financial Reporting Advisory Group (EFRAG) has invited comments on a discussion paper Achieving Consistent Application of IFRS in the EU (Word .DOC 75k).

The Supervisory Board's goal is "to stimulate debate in Europe on this very important subject". The paper seeks information about the nature and quantity of IFRS implementation issues that are arising in Europe and discusses various options available to Europe if problems are identified. Broad issues addressed in the paper are:
  • Is there a problem and, if there is, what is it?
  • What additional mechanisms might Europe need?
    • IFRIC: standing ready to meet the demand
    • European interpretations/interpretive guidance: not needed if the IFRIC delivers
    • European implementation guidance: also not needed if the IFRIC delivers
    • A European urgent issues mechanism: not feasible without shortcutting due process, which is not acceptable
    • A European mechanism that supports the work of IFRIC: a possibility if needed
Comments are invited on the paper by 6 October 2005.

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