European Outreach on the IASB's main projects
- Rasmus Sommer
In 2011, the IASB tended to finalise its projects on Revenue Recognition, Leases, Insurance Contracts and Financial Instruments in 2011.
Following consultation with the European National Standard Setters in EFRAG's Consultative Forum of Standard Setters, EFRAG decided to organise outreach events throughout Europe in May 2011, in order to provide useful input to the IASB for completion of the projects and to ensure that the final standards were suitable for use in Europe. The objective of the events was:
- to familiarise European constituents with the tentative decisions that the IASB has made in the re-deliberation phase of these projects;
- to find out whether those tentative decisions are solving major concerns expressed by the European constituents during the consultation phase; and
- to identify whether changes made, compared to the proposals in the Exposure Drafts, give rise to any new major concerns.
The outreach meetings were jointly organised with National Standard Setters and in close cooperation with the IASB. European constituents were invited to participate. The scope of the issues to be discussed at each meeting was agreed with the National Standard Setter; however, it was envisaged that issues related to Revenue Recognition and Leases projects would be discussed in all meetings.
Feedback received from constituents during the outreach meetings were published in the form of meeting notes on each event on EFRAG's website and on the website of the respective National Standard Setter.
The outreach events took place in:
- Copenhagen: Tuesday 3 May 2011
- Helsinki: Monday 9 May 2011
- Frankfurt: Monday 9 May 2011
- London: Tuesday 10 May 2011
- Amsterdam: Tuesday 10 May 2011
- Rome: Thursday 5 May 2011
- Paris: Tuesday 24 May 2011
- Madrid: Wednesday 25 May 2011