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We support endorsement of IFRS 9 in Europe

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08 Nov 2009

The European member firms of Deloitte Touche Tohmatsu have written to the European Financial Reporting Advisory Group (EFRAG) in support of EFRAG's tentative conclusion to recommend that IASB's new principles for classifying and measuring financial instruments, which the IASB is expected to release shortly as IFRS 9 Financial Instruments, should be adopted for use in the European Union.

The EFRAG tentative views and Deloitte's letter to EFRAG are based on a near-final draft of IFRS 9 that has already been posted on the IASB's website. Click to download Our Letter to EFRAG (PDF 37k). Here is an excerpt:

We support endorsing IFRS 9 for use in the European Union and believe that endorsing the IFRS would be in the European interest. We believe that it is important for Europe to endorse IFRS 9 in order to send a clear and unambiguous message of support for a mixed measurement model for financial instruments based on the business model that an entity applies.

We are satisfied that the IASB executed faithfully all steps in its due process in developing this IFRS. In particular, we note and commend the IASB for the scale of the stakeholder engagement that the IASB undertook to complete its work, including regular meetings with European institutions and prudential supervisors, the Economic and Monetary Council (ECOFIN), the Economic and Monetary Affairs Committee (ECON) of the European Parliament as well as maintaining close contact with the EFRAG and European Commission staff.

 

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