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14/08/2014 | European Commission call for applications for the position of EFRAG Board President

The European Commission is organising a selection procedure to appoint the President of the EFRAG Board. The place of employment will be Brussels (Belgium), where EFRAG is established. The selection procedure is subject to the entry into force of the amended statutes and internal rules of EFRAG, which is scheduled to take place on 31 October 2014.

14/08/2014 | EFRAG Short Discussion Series – Levies: what would have to be changed in IFRS for a different accounting outcome?

EFRAG has published the third paper in the Short Discussion Series. This paper considers which changes to IFRS would need to be made to achieve a different accounting treatment for levies whose obligating event occurs at a point in time.

30/07/2014 | EFRAG Outreach Event: Leases Consultation

Following the launch of a joint public consultation with the National Standard Setters ANC (France), ACSG (Germany), FRC (UK) and OIC (Italy), EFRAG is pleased to invite European constituents to an outreach event in Brussels to discuss the issues raised in the public consultation.

28/07/2014 | Appointment of Filippo Poli as EFRAG Research Director

EFRAG, the European Financial Reporting Advisory Group, announced today the appointment of Filippo Poli as Research Director, effective August 2014. This appointment decision made in January 2013 has now been made effective following the end of EFRAG’s governance review. EFRAG would like to thank Hans Schoen who acted as Director of Research until end of July 2014, covering the EFRAG reform and transition period.

24/07/2014 | EFRAG's Final Endorsement Advice and Effects Study Report on Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations

EFRAG has completed its due process regarding Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations and has submitted its Endorsement Advice Letter and Effects Study Report to the European Commission.

24/07/2014 | EFRAG's Final Endorsement Advice and Effects Study Report on the IASB’s Clarification of Acceptable Methods of Depreciation and Amortisation - Amendments to IAS 16 and IAS 38

EFRAG has completed its due process regarding the IASB’s Clarification of Acceptable Methods of Depreciation and Amortisation - Amendments to IAS 16 and IAS 38 and has submitted its Endorsement Advice Letter and Effects Study Report to the European Commission.

23/07/2014 | EFRAG requests comments on its draft endorsement advice and effects study report on Bearer Plants - amendments to IAS 16 and IAS 41

EFRAG has issued an invitation to comment relating to the endorsement for use in the EU of Bearer Plants - amendments to IAS 16 and IAS 41 (the Amendments). It is consulting both on its assessment of the Amendments against the technical criteria for the endorsement in the EU and on its initial assessment of the costs and benefits that would arise from their implementation and application in the EU. Comments are requested by 5 September 2014.

22/07/2014 | A Research Group of the ASBJ, EFRAG and OIC publishes a Discussion Paper on accounting treatment for goodwill.

A Research Group of ASBJ, EFRAG and OIC publishes the Discussion Paper 'Should Goodwill still not be Amortised? - Accounting and Disclosure for Goodwill' to contribute to the global discussion on how goodwill should be accounted for and disclosed.

22/07/2014 | EFRAG Update June/July 2014

The June/July 2014 edition of EFRAG Update, summarising the discussions held at the EFRAG TEG conference calls of 24 June and 3 July 2014 and at the EFRAG TEG meeting of 14-16 July 2014, has been published and can be downloaded here.

21/07/2014 | EFRAG’s draft comment letter on the IASB Exposure Draft ED/2014/2 Investment Entities: Applying the Consolidation Exception

EFRAG has published its draft comment letter in response to the proposed amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures, Exposure Draft Investment Entities: Applying the Consolidation Exception (ED/2014/2). Responses to the draft comment letter are requested by 5 September 2014.

17/07/2014 | EFRAG INSIDER - Second quarter 2014

EFRAG Insider was created in the course of 2010 to inform founding and funding members about current developments in all EFRAG activities. EFRAG Insider is now available to a wider audience and is published every quarter on average.

15/07/2014 | Additional Public Consultation for Users - EFRAG invites users of financial statements and users’ organisations to participate in a public consultation on lessee accounting

Leases are an important class of transactions widely used in many industries. Under the current Standard IAS 17, for some leases a lessee recognises assets and liabilities on its balance sheet, while for other leases a lessee only recognises an operating expense in its income statement. The IASB and the FASB (the Boards) are working on a new Standard that requires recognition of all leases on the balance sheet and published a joint Exposure Draft (ED) in 2013. The Boards have now started their re-deliberation process; in March 2014, the two Boards confirmed that all leases should be recognised, but tentatively decided to support two different approaches for subsequent measurement of leases. EFRAG is performing this additional public consultation for Users to acquire their views on the two alternative approaches for lessees. EFRAG is also interested in examples of contracts or transactions that would qualify as leases under the proposals but in users’ views are in substance services.

09/07/2014 | EFRAG Discussion Paper Classification of Claims

EFRAG has published a Discussion Paper “Classification of Claims” to assist in developing an informed and reasoned approach to the claims side of the balance sheet, including the equity/liability distinction.

01/07/2014 | EFRAG’s draft comment letter on the IASB Discussion Paper Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging

EFRAG has published its draft comment letter in response to the IASB Discussion Paper. Responses to the draft comment letter are requested by 10 October 2014. Given the groundbreaking thinking in the Discussion Paper, EFRAG would welcome additional contact with constituents in advance of receiving formal responses to the draft comment letter.

30/06/2014 | EFRAG and the National Standard Setters ANC, ASCG, FRC and OIC invite companies to participate in an additional public consultation on lessee accounting

On 16 May 2013, the IASB issued the revised Exposure Draft Leases (the ED). After the comment period ended in September 2013, the IASB and the FASB (the Boards) started the re-deliberation process. In March 2014, the two Boards tentatively decided to support two different approaches for lessees. The IASB proposed a single model based on Type-A lease accounting. The FASB proposed a model that, based on IAS 17 criteria, distinguishes leases that are in effect purchases and other leases; these are accounted for using a straight line cost recognition pattern. EFRAG and the National Standard Setters are performing this additional public consultation to acquire constituents’ views on the two alternative approaches for lessees. EFRAG and the National Standard Setters are also interested in examples of contracts or transactions that would qualify as leases under the proposals, but in constituents’ view are in substance services.

19/06/2014 | Reform of EFRAG Governance close to completion: General Assembly approves revised EFRAG Statutes and Internal Rules and welcomes eight new members!

EFRAG announces a major step forward in the implementation of the governance reform following the recommendations of Philippe Maystadt. On 16 June 2014, in an EFRAG General Assembly meeting, EFRAG’s existing 7 Member Organisations (BUSINESSEUROPE, EACB, EBF, EFAA, ESBG, FEE and Insurance Europe) have approved the revised EFRAG Statutes and Internal Rules and admitted 8 new members.

16/05/2014 | EFRAG Annual Review 2013

The EFRAG Annual Review 2013 has been published and is available for download.

EFRAG Focus

Call for EFRAG TEG Applicants
EFRAG is calling for candidates for its Technical Expert Group partially in view of the current preparer vacancies, the regular rotation scheme under which the present mandate period of three EFRAG TEG members expires on 31 March 2015 and further for vacancies which will be governed by the new EFRAG governance structure. It is expected that some reappointments will take place. We urge all candidates to submit their candidatures at the very latest by 1 October 2014.

NEXT STEP IN THE EFRAG REFORM: THE EFRAG Board. EFRAG calls on European Stakeholder Organisations and National Standard Setters to nominate candidates for the new EFRAG Board!
European Stakeholder Organisations and National Standard Setters are invited to nominate candidates for the EFRAG Board under the new governance structure. EFRAG hopes to welcome further members to its enlarged membership. Having all European Stakeholder Organisations with an interest in financial reporting and a wide coverage of the EEA countries in the membership of EFRAG will help Europe speaking with one voice on the international accounting scene.

DO NOT MISS YOUR NEXT JOB OPPORTUNITY: JOIN EFRAG!
EFRAG is seeking financial reporting professionals with IFRS expertise to join its technical staff!


Projects: Invitation to Comment

Amendments to IFRS 10 and IAS 28 - Investment Entities: Applying the Consolidation Exception | Draft Comment Letter
Comments no later than : 05/09/2014

Amendments to IAS 16 and IAS 41 - Agriculture: Bearer Plants | Draft Endorsement Advice
Comments no later than : 05/09/2014

Proactive - Goodwill impairment and amortisation | Discussion Paper
Comments no later than : 26/09/2014

Accounting for macro hedging | Draft Comment Letter
Comments no later than : 10/10/2014

EFRAG Discussion Paper - Classification of Claims | Discussion Paper
Comments no later than : 31/10/2014

EFRAG Short Discussion Series - Levies: what would have to be changed in IFRS for a different accounting outcome? | Discussion Paper
Comments no later than : 15/12/2014

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