The FRC considers that proactive work is an important part of EFRAG’s activities. This is particularly relevant at this point in time because the IASB is consulting on its work plan and the projects that EFRAG undertakes have the potential to influence the IASB’s work.
The FRC highlights the following points:
a. The FRC considers that it is useful to have a range of types of papers in which to highlight and analyse specific financial reporting issues, as the appropriate type of paper will depend upon the specific issue being addressed.
b. The FRC would like to emphasise the importance of EFRAG remaining independent from the IASB so that it can provide a distinctive European voice in the development of IFRSs.
c. On the specific proactive projects that EFRAG has tentatively decided to add to its proactive agenda, the FRC considers that it should continue with its Transactions with Government project, undertake additional work on areas of the Conceptual Framework that need further development and develop an impairment model for equity instruments.
d. The FRC considers that EFRAG should also commence a project on how the public good is assessed, including the availability of quantifiable measures.
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