EFRAG's final comment letter on the IASB Agenda Consultation 2011

05 December 2011

EFRAG published its final comment letter in response to the IASB Agenda Consultation 2011. EFRAG thinks such public consultation strengthens the transparency of the IASB's processes and believes this is an important first step in improving the agenda-setting process.

In its comment letter, EFRAG recommends the IASB to:

• bring all four main projects to a close as a first priority;
• ensure a ‘period of calm’ after the finalisation of the main projects;
• focus during the ‘period of calm’ on:
  • the parts of the Conceptual Framework, identified by EFRAG as high priority
  • post-implementation reviews, surveys of existing financial reporting practice and other research activities that help prepare evidence-based agenda proposals; and
  • projects where an urgent need and/or a solution that is likely to improve financial reporting have been demonstrated.

EFRAG believes that when assessing what projects to include on the agenda, the IASB should limit the number of projects to be included on the IASB agenda, consult publicly on evidence-based agenda proposals, have a mechanism that helps the implementation process, leave the Board capacity to address new and emerging financial reporting issues, set as an overriding objective in making agenda decisions, bringing more useful and more relevant information through high quality financial reporting standards.

Full paper 

© EFRAG - European Financial Reporting Advisory Group