EFRAG urges the IASB to carry out an in depth analysis of the possible role of accounting requirements in the development of this financial crisis. Areas of improvement have to be identified and may lead to a review of the standard-setting process.
EFRAG believes that a change is necessary concerning the IASB’s agenda process and calls for more consultation. Another change concerns decisions about re-exposure, EFRAG notes. The IASB should be required to follow some sort of explicit process and explain the basis for its judgement that re-exposure is not necessary in cases where significant changes to ED's have been made. The role of the Trustees would then be to ensure that the process has been properly followed and that the IASB's reasoning is well founded.
EFRAG urges the IASB to carry out an in depth analysis of the possible role of accounting requirements in the development of this crisis. Areas of improvement have to be identified and may lead to a review of the standard-setting process.
Deadline for comments is 27 March 2009.
Press release
The comment letter is attached below
© EFRAG - European Financial Reporting Advisory Group
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