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31 May 2011

EFRAG commented on the IFRS Foundation report of the trustees' strategy review


EFRAG published its draft comment letter on the IFRS Foundation Report of the Trustees' Strategy Review for public consultation. Comments on the EFRAG Draft Comment Letter are expected by 11 July 2011.

At the end of April 2011, the IFRS Foundation issued a report of the Trustees’ Strategy Review 'IFRSs as the Global Standard: Setting a Strategy for the Foundation’s Second Decade'. This report provides the preliminary conclusions of the Trustees’ Strategy Review and sets out the proposed recommendations following the earlier public consultation on the Status of the Trustees' Strategy Review issued in November 2010.

EFRAG welcomes the commitment of the Trustees to coordinate the conclusions of their review with the Monitoring Board, arriving at an integrated set of proposals based on the Trustees’ proposed recommendations and the final decisions reached by the Monitoring Board following its consultation.

EFRAG commends the emphasis on high quality global accounting standards, transparency and the focus on adoption of IFRS rather than on convergence. However, EFRAG is formulating recommendations, notably focusing on long-term investors, defining the boundaries of financial statements, increasing Trustees' communication duties,  setting the agenda after public consultation on the objectives of, and need for, possible projects, keeping XBRL separate from the standard setting process, and  handling research activities.

Press release


© EFRAG - European Financial Reporting Advisory Group

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