Dual EFRAG consultation on strategic direction
The European Financial Reporting Advisory Group (EFRAG) has launched a joint consultation, covering both the International Accounting Standards Board’s (IASB) five-year plan and its own research.
“EFRAG is combining the consultation on its draft comment letter in response to the IASB’s RFI [Request for Information] with its own proactive research agenda consultation in order to foster synergies between the two consultations and alleviate the burden for respondents,” it states. EFRAG anticipates that priorities identified for IASB by European constituents will also inform its own selection of projects.
In its draft response to IASB’s consultation, EFRAG considers that the Board should focus on finalising the projects on its active work plan and the planned Post-implementation Reviews of major standards. It also suggests that six projects should be given top priority, on: connecting financial and sustainability reporting, starting from climate-related financial implications; crypto-assets and related transactions; discontinued operations and disposal groups; intangible assets; statement of cash flows and related matters; and variable and contingent consideration. It emphasises the importance for IASB of building on and leveraging the work of other organisations.
Feedback is requested by 17 September 2021. EFRAG notes that while a comment letter is the most complete form of response, an online survey on stakeholder priorities will also be available for those with limited time and resources.
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