Led by Sir David Tweedie, chairman of the IASB, and Françoise Flores, chair of the EFRAG, the meeting focused on the remaining three Memorandum of Understanding projects on financial instruments, leases and revenue recognition, as well as the project on insurance contracts. The EFRAG’s recommendations on these four projects were discussed. The two bodies agreed on the need for the IASB to deliver high quality standards and a commitment to a due process that reflects input from all stakeholders.

Representatives from the IASB and EFRAG discussed the steps required to conclude the remaining convergence projects and the subsequent process to endorse the standards for use in the European Union.

The next meeting of the IASB and EFRAG will take place in the second quarter of 2011.

Press release