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23 May 2011

Summary of EFRAG meetings held from April to May 2011


EFRAG published the May 2011 edition of Update that summarises the discussions held at the recent EFRAG TEG meeting.

On 29 April 2011, EFRAG held meetings by public conference call to finalise its comment letter on IASB Exposure Draft 'Offsetting Financial Assets and Financial Liabilities'. The comment letter welcomes the IASB and the FASB efforts to develop joint proposals for converged requirements for offsetting financial assets and liabilities. EFRAG supports the IASB decision to use, as a basis for the converged requirements, the existing guidance for offsetting financial assets and financial liabilities in IAS 32 'Financial Instruments: Presentation', with some refinements.
 
At its May 2011 meeting, EFRAG held an initial planning discussion in relation to the future assessment of IFRS 10 'Consolidation', IFRS 11 'Joint Arrangements', IFRS 12 'Disclosure of Interests in Other Entities', IFRS 13 'Fair Value Measurement', revised IAS 27 'Separate Financial Statements' and revised IAS 28 'Investments in Associates and Joint Ventures'. EFRAG gave direction to the staff as to which issues to focus on, and the outreach work to be performed in order to support that assessment.

On 12 and 13 May 2011, EFRAG's meeting focused as well as on:

• IASB re-deliberations in the project 'Revenue from Contracts with Customers'
• IASB re-deliberations in the project 'Leases'
• IASB Project 'Financial Instruments'
• EFRAG Proactive project 'Financial Reporting for Corporate Income Tax'
• EFRAG Proactive project 'Business Combinations under Common Control'.

Full paper


© EFRAG - European Financial Reporting Advisory Group

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