IASB meets European accounting standard setters
IASB chairman Hans Hoogervorst meets European Financial Reporting Advisory Group to discuss progress on key accounting standards including insurance contracts, leases and revenue recognition
THE CHAIRMAN of the International Accounting Standards Board (IASB) has met some of Europe’s most influential accounting standard-setters for the first time.
IASB chairman Hans Hoogervorst last week met delegates from the European Financial Reporting Advisory Group (EFRAG) to discuss progress on four proposed accounting standards – for insurance contracts, leases, financial instruments and revenue recognition.
EFRAG is the private sector body responsible for stimulating debate in Europe about the evolution of international financial reporting standards.
It’s members include, Liesel Knorr, the the chairman of the Accounting Standards Committee of Germany, Roger Marshall, interim chairman of the the UK Accounting Standards Board, and Alberto Giussani the vice-chairman of the Italian standard-setting body Organismo Italiano Contabilità.
Hoogervorst (pictured) said: “The IASB’s regular meetings with the EFRAG provide an important opportunity to discuss ongoing projects and other related matters. At this meeting, the EFRAG’s update on feedback received from participants in industry workshops on the revenue recognition proposals was of particular interest. The IASB appreciates the EFRAG’s initiative in arranging these workshops.”