EFRAG letter to IASB on the improvements project

12 September 2002

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EFRAG has completed its due process regarding the comments on the IASB Exposure Draft of Proposed Improvements to International Accounting Standards. In arriving at their comments the European Financial Reporting Advisory Group (EFRAG) has consulted with European national standard setters, international organisations and corporations.

A number of commentators have pointed out that the adoption of IFRS in Europe by January 1, 2005 requires considerable effort and resources from those groups subject to the Regulation. Whilst a majority of these European companies have started their conversion process (or will start it this year) they are concerned that they should, as soon as possible, be made aware of changes still to be made to IFRS that will affect them at the changeover time. In addition, these companies should be given sufficient lead time to implement such changes.

EFRAG's comment letter

© EFRAG - European Financial Reporting Advisory Group