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EFRAG criticized the IASB for drawing too many resources on its MoU update with the US FASB rather than concentrating on its work related to the introduction of the Solvency II Project.
EFRAG reminds the IASB on their genuine role. “Jurisdictions already on IFRS are entitled to expect ‘their standard-setter’ to allocate a proportion of their resources to carrying out work designed to enhance the quality of IFRS in a way that will benefit all IFRS users”, EFRAG complaints. “It would be very disappointing if work on the IASB’s insurance project were to be given a lower priority than at present.”
EFRAG is concerned about the prioritisation exercise for projects that are not mentioned in the MoU and are not ‘credit crunch projects’. “We are thinking here particularly of the Insurance project”, EFRAG states. “A comprehensive high-quality standard on insurance accounting is urgently needed in
EFRAG is also concerned that some of the approaches proposed in the paper to speed up MoU projects seem to place US views above the views of other jurisdictions. “We are thinking here particularly of the Fair Value Measurement and Equity/Liability projects”, EFRAG states.
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