EBA commented on the IASB's request for views 'Agenda Consultation 2011'

30 November 2011

The EBA provides views on the IASB's request for views agenda consultation 2011 and welcomes first public consultation undertaken by the IASB on its future agenda. As mentioned in the consultative document, this process should “further enhance its public accountability and legitimacy”.

The EBA is of the view that finalisation of the standards related to financial instruments and insurance contracts should be at the top of the priority list.

The completion of the conceptual framework would provide an important basis and foundation for any further accounting developments and should therefore receive increased attention and resources.

More generally, the EBA believes that the number of new projects on the agenda post-2011 should be rather limited. Indeed, the EBA is of the view that in addition to the need to devote resources to the priority issues, there is a very urgent need for a "period of calm" to enable the IASB and its IFRS Interpretation Committee in particular to carry out post-implementation reviews with a view to providing clarification and additional guidance on standards that are causing application problems.

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