EFRAG: Fast-track of Financial Instruments Proposals

22 October 2009

EFRAG has decided to permit EFRAG TEG to ‘fast-track’ the development of its endorsement advice on the IFRS which replaces the classification and measurement requirements in IAS 39 Financial Instruments.

The EFRAG Supervisory Board has decided to permit EFRAG TEG to ‘fast-track’ the development of its endorsement advice on the International Financial Reporting Standard that replaces the classification and measurement requirements in IAS 39 Financial Instruments – Recognition and Measurement.

Dealing with this standard in a timely manner is necessary to respond to the European request to have a standard in place for listed companies to apply to their 2009 financial statements.  EFRAG’s endorsement advice to the European Commission is part of the endorsement process and assists the EU in making its decision about whether or not to adopt the standard.

EFRAG TEG will have an extraordinary meeting in Brussels on Friday 30 October in order to decide on its draft endorsement advice to be issued for public comment. It is also expecting to hold an extra meeting on either 16 or 17 November to finalise its endorsement advice.

EFRAG will request constituents to provide input within a two-week comment period and encourage them to monitor developments on a regular basis.

The process is subject to the IASB finalising its deliberations on the standard by the end of October.

 

Press release

 

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