EFRAG seeks views on two recommendations to EC
09 Sep 2005
The European Financial Reporting Advisory Group (EFRAG) has invited comment on the following two draft 'endorsement advice' letters to the European Commission.
In both cases EFRAG supports the IASB standards and recommends their adoption for use in Europe. EFRAG requests comments by 30 September 2005.
- Amendment to IAS 1 Presentation of Financial Statements - Capital Disclosures (PDF 22k).
- IFRS 7 Financial Instruments: Disclosures (PDF 22k). With respect to IFRS 7, EFRAG's request for comment states: "EFRAG has noted that there appears to be considerable interest around Europe in having IFRS 7 endorsed in time to be available for use in 2005 financial statements, provided that application in 2005 would not be mandatory." IFRS 7 is effective 1 January 2007, with earlier application encouraged.
