EFRAG issued a letter to the IASB regarding its request for information on rate regulation.
EFRAG welcomes that the IASB, in the re-launch of its comprehensive project on Rate-regulated Activities, started with an identification of the range of rate-regulated schemes that are in place and that should be covered in developing its Discussion Paper on this topic. The Request for Information is a first step in the IASB’s process to develop the Discussion Paper, and will assist the IASB in identifying the range of rate-regulatory schemes that affect IFRS-complaint companies and which should be considered within the scope of the project. It responds to one of the recommendations that European constituents, including EFRAG, noted when commenting on the IASB’s 2009 Exposure Draft on the accounting for rate-regulatory assets and liabilities.
EFRAG has undertaken a number of initiatives to engage with its stakeholders including encouraging relevant companies in Europe with rate-regulated activities to respond to the RFI and establishing its own Rate-regulated Activities Working Group. The first meeting of the group will take place at EFRAG's offices in Brussels on 3 July 2013 and EFRAG would welcome an observer from the IASB at this meeting and subsequent meetings.
Gathering factual evidence and real life examples on how regimes operate in Europe has shown that the input from Europe is an important contribution to the IASB’s future work.
Press release
Final letter
© EFRAG - European Financial Reporting Advisory Group
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