Exchange of letters on IFRS 9
23 Nov 2009
The IASB has Posted on its website an exchange of letters between the Trustees of the IASC Foundation and the European Commission regarding the Commission's concerns about IFRS 9 and its decision to postpone considering the Standard for endorsement.
- The Trustees' letter states: "You would not expect the Trustees to be anything but surprised and disappointed at the deferral. However, we appreciate the Commission's continuing commitment to International Financial Reporting Standards (IFRSs). We acknowledge the supportive statement that your office made regarding IFRSs following the announcement and that the decision regarding timing does not prejudge the ultimate endorsement of IFRS 9."
- The Commission's response states: "The European Commission remains fully committed to IFRS as the single set of globally accepted accounting standards. Moreover, EU stakeholders unanimously support the general approach based on a mixed attribute measurement model used by the IASB in IFRS 9. The decision not to seek accelerated endorsement of IFRS 9 at this stage reflects the changed economic outlook and market improvements."
- IASCF Trustees' Letter to the Commission (PDF 52k)
- European Commission Response (PDF 163k)
