Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

08 April 2009

EFRAG draft response on fair value measurement guidance


EFRAG urges the IASB to move rapidly to a conclusion. A new standard that would replace IAS 39 needs to be developed as soon as possible and important aspects of that work need to be in place in time for implementation in the 2009 financial statements.

EFRAG urges the IASB to move rapidly to a conclusion on the work it is carrying out. A new standard on recognition and measurement of financial instruments that would replace IAS 39 needs to be developed as soon as possible and important aspects of that work need to be in place in time for implementation in the 2009 financial statements.

 

The FASB's unilateral amendments raise a number of concerns, EFRAG notes, criticizing that the FASB’s actions do not appear to be consistent with the notion of “working co-operatively and in an internationally co-ordinated manner”.

 

EFRAG is very concerned that unilateral changes to requirements will result in weak accounting standards. Piecemeal solutions will inevitably slow down the development of a comprehensive global solution, it underlines. The FASB standard setting has a tendency of not taking properly into account the needs of all stakeholders and as a result may compromise on the quality of the financial reporting standards and information provided to users, EFRAG states.

 

Deadline for comments is 17 April 2009.

 

Draft response

 



© EFRAG - European Financial Reporting Advisory Group

Documents associated with this article

EFRAG draft response on fair value measurement guidance.pdf


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment