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Description :
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EFRAG in partnership with the European National Standard Setters and the European Commission organised outreach events in eight European cities. Locations included Frankfurt, Copenhagen, Oslo, Amsterdam, Stockholm, Warsaw, Madrid and a European event in Brussels. Meetings were held from October to November 2011 and were attended by a wide range of constituents.
The objective of these events was:
- To obtain input from European constituents and to understand their main concerns and wishes;
- To find out whether EFRAG’s preliminary comments as set out in the letter of 11 August were shared by European constituents; and
- To obtain feedback which projects would be of priority for European constituents.
European constituents attending the meetings were invited to provide their feedback on the Agenda Consultation 2011 using questionnaires outlined by EFRAG staff. Overall, 190 constituents completed the survey. The aggregated results of the questionnaires were presented in each meeting and provided a basis for discussion.
EFRAG has issued detailed feedback reports on each outreach event for the convenience of the European constituents. These detailed feedback reports are available on this project page under “EFRAG output” as well as a consolidated feedback statement summarising the experiences from the eight events.
The key messages emerged from the outreach events were that the IASB should:
- Bring the four main projects currently included in its work plan to a close as a first priority (i.e. the projects on Revenue Recognition, Leases, Insurance and Financial Instruments); and
- Complete and finalise the Conceptual Framework as soon as possible.
Participants generally agreed with the notion of a ‘period of calm’ after the finalisation of the main projects, and supported an evidence based agenda-setting process as proposed by EFRAG in its preliminary views.
The results of the survey show that the IASB should give highest priority to developing the Conceptual Framework (including the development of a Disclosure Framework), Other Comprehensive Income and Business Combinations under Common Control. Participants also indicated that the least important projects were those on Islamic transactions and instruments, Inflation accounting, Country-by-country reporting, Agriculture and Rate-regulated activities.
On 5 December 2011, EFRAG issued its final comment letter in response to the IASB. In finalising its comment letter, EFRAG has considered the feedback received from the outreach events, as well as the views expressed in the more than 30 comment letters received from constituents in response to EFRAG’s draft comment letter.
Organisational details of the outreach meetings can also be found on this project page under “Other input”.
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