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EFRAG welcomes extension of the convergence deadline

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

23 Apr 2011

The European Financial Reporting Advisory Group (EFRAG) has posted to its website a press release welcoming the extension of the convergence deadline the IASB and FASB announced earlier this month.

Françoise Flores, EFRAG Chairman, is convinced that "[t]he supplementary consultation steps the IASB and FASB have introduced will help tremendously in the finalisation of the standards on Revenue Recognition, Leases, Insurance Contracts and Financial Instruments. It will give European stakeholders the comfort that their concerns will be properly addressed." The European National Standard Setters (NSS) and EFRAG have organised outreach events throughout Europe in May 2011, in order to provide useful input to the IASB for completion of the projects and to ensure that the final standards are suitable for use in Europe.

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