The IASB and European Financial Reporting Advisory Group (EFRAG) have issued a press release on their joint meeting held on 9 March 2012 to discuss the status of ongoing projects and other topics. These meetings take place on a regular basis and are used to discuss European ideas and input into projects on the IASB's agenda. In addition to representatives from EFRAG, four European standard-setters were represented: France, Germany, Italy and the UK. The topics discussed were:

• Insurance contracts
• Leases
• Financial instruments
• Revenue recognition
• ESMA paper on 'materiality'
• EFRAG's forthcoming discussion paper on the Disclosure Framework
• The potential for coordination on research projects, the due process for the IASB's forthcoming post-implementation reviews and how user outreach can be coordinated

Click for:

• Joint press release (link to IASB website)
• EFRAG's summary of main messages expressed by the EFRAG delegation (PDF 174k, link to EFRAG website)