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29 October 2010

Summary of October EFRAG Planning and Resource Committee meeting


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EFRAG PRC sets the agenda for the pro-active work with guidance on the allocation of available resources to pro-active projects. The objective of the pro-active work is to influence the IASB and to create discussion and a better understanding of financial reporting issues in Europe.


The agenda of 19 October included a status report on the current proactive projects:

Corporate Income Tax: Joint project being led by the UK and German standard setters - ASB and GASB - and EFRAG as part of EFRAG’s pro-active work. The aim of the project is to critically examine key aspects of accounting for corporate income tax separately from the requirements in the existing IAS 12, with a view to develop a Discussion Paper that starts from first principles and sets out proposals that might form the basis of a new standard on accounting for corporate income taxes.

Business Combinations under Common Control: Joint Project of the Italian standard setter OIC and EFRAG with involvement of the French standard setter, the ANC. It aims to identify, analyse and discuss the financial reporting practices used in the major markets to account for business combinations under common control (BCUCC) and similar transactions in consolidated and separate financial statements. The intention is to propose a conceptual model to consider and evaluate the different accounting treatments.

Disclosure Framework: The project is led by EFRAG, with the involvement of the UK and French Standard Setter – ASB and ANC. The project aims at the information contained in the notes to the financial statements prepared under IFRS. The project is aiming to develop a set of principles that can be used by standard setters to make decisions about what and how information should be disclosed in the notes and to make recommendations on how the existing disclosures under IFRS could be improved in terms of content, presentation and display.

Effect Studies Methodology: The EFRAG PRC received a progress report on the project led by the ASB, with the involvement of EFRAG. The main objective is to develop proposals for a framework by which the effects of financial reporting standards can be considered by standard setters, notably the IASB, in developing new standards and major amendments to existing standards. Standard setters have for many years wrestled with ways in which they can determine the effect of financial reporting standards. To date such analyses have been restricted to a qualitative assessment of costs and benefits. The aim is to set out some principles and proposals for considering the effects of financial reporting standards, and how they might be embedded and articulated at each stage of the standard setting due process.

Business Model: The EFRAG PRC was updated on the considerations for a project, led by the UK ASB with involvement of the French ANC and EFRAG, on the business model. The project aims to explore the relationship between the idea of an entity’s business model and financial reporting.
 
EFRAG PRC discussed addressing the IFRS Foundation on the process for the work plan consultation. In addition first discussions took place on the possible establishment of a new Consultation Group.
 
In addition, the EFRAG PRC had a first discussion on the modus operandi of the EFRAG PRC and its partners in relation to proactive work. EFRAG PRC was updated of the proactive strategies of National Standard Setters.

Full paper


© EFRAG - European Financial Reporting Advisory Group

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