Summary of ARC 7 July 2006 meeting
01 Aug 2006
The European Commission has posted a (PDF 39k).
Matters discussed include:
- Roundtable on Consistent Application of IFRSs (click for Info on the Roundtable)
- IFRIC working procedures and due process (see our news story of 7 May 2006.
- Equivalence between IFRSs and third country GAAP, in particular US GAAP
- IASB financing
- Update on the Commission's project to consolidate the various Regulations by which IFRSs have been endorsed in the past into a single Regulation containing all endorsed IFRSs
- Creation of a 'Standards Advice Review Group'. The ARC summary states:
"The creation of the Group was foreseen in the Commission-EFRAG Working Arrangement signed earlier this year. It had not been possible to formally adopt EFRAG as a technical committee of the Commission and this working arrangement had been the alternative, suitable compromise."
- Service concession arrangements
- Segment reporting