Autumn 2012 Outreach Events
- Filippo Poli, Hocine Kebli
EFRAG held a series of outreach events across Europe in partnership with National Standard Setters and user organisations. The outreach events were an opportunity for constituents to directly contribute to EFRAG's decision making process and express their views on topics of interest. For the autumn 2012 outreach events the topics were the post-implementation review of IFRS 8 and the discussion paper Towards a Disclosure Framework for the Notes issued by the EFRAG, the French Autorité des Normes Comptables (ANC) and the UK Financial Reporting Council Accounting Committee (FRC).
The objectives of the outreach events were:
- to gather evidence from European constituents on their experiences preparing and/or using information under IFRS 8 Operating Segments as a contribution to EFRAG's respnse to the IASB Request for Information ; and
- to debate and feedback on the EFRAG/ANC/FRC Discussion Paper with an aim to eventually influence and provide input to the IASB on their envisaged disclosure framework project.
IFRS 8 Operating Segments Post-Implementation Review
In July 2012 the IASB issued a Request for Information as part of the post-implementation review of IFRS 8 Operating Segments with a comment period up to 16 November 2012. This is the first post-implementation carried out since they became a mandatory part of the IASB's Due Process for significant or contentious standards. IFRS 8 replaced IAS 14 Segment Reporting and converged IFRS and US GAAP. IFRS 8 adopted a 'through the eyes of management' approach to segment reporting, requiring disclosures based on the numbers reported to an entity's Chief Operating Decision Maker. At the time of adoption, some constituents believed that the changes resulted in lower quality financial reporting. The aim of the post-implementation review is to assess the effect of the new standard on investors, preparers and auditors and its outcome will be contribute to future IASB agenda decisions.
Towards a Disclosure Framework for the Notes
In July 2012 EFRAG, in partnership with the ANC and FRC, published the Discussion Paper Towards a Disclosure Framework for the Notes with a comment period open until 31 December 2012. The EFRAG/ANC/FRC Discussion Paper aims at enhancing the quality of information in the notes to the financial statements, by looking at developments in the way disclosures requirements are set in the standards and applied in financial statements and how disclosures are communicated. The efforts to be undertaken are not limited to IFRS: EFRAG, the ANC and the FRC co-operated with the FASB, who published their own Discussion Paper on the topic on the same day.
The EFRAG/ANC/FRC Discussion Paper is envisaged to promote a constructive debate within Europe. All that have an interest in more effective and streamlined disclosures in financial reporting are strongly encouraged to respond to the invitation for comments.
The feedback received from this event will be used by EFRAG, the ANC and the FRC in deciding further steps on the project, which is already identified as a high priority project by the IASB.
Events and Feedback Statements
The following events were organised. The linked feedback statements summarise the messages heard from constituents at each event.
- Friday 14 September at a meeting of the EUMEDION Audit Committee in Amsterdam (IFRS 8 PIR only).
- Friday 28 September at a meeting of the EFFAS Financial Accounting Commission in Brussels (IFRS 8 PIR only).
- Thursday 11 October in Brussels (IFRS 8 PIR and EFRAG/ANC/FRC Discussion Paper).
- Monday 29 October in partnership with the Confederation of Danish Industry (DI) and FSR - Danish Auditors (IFRS 8 PIR and EFRAG/ANC/FRC Disclosure Framework Discussion Paper) in Copenhagen.
- Tuesday 30 October in partnership with the Lithuanian Authority of Audit and Accounting in Vilnius (EFRAG/ANC/FRC Disclosure Framework Discussion Paper only).
- Wednesday 31 October in partnership with the Financial Reporting Council Accounting Committee, hosted by the ICAEW Financial Reporting Discussion Group (EFRAG/ANC/FRC Disclosure Framework Discussion Paper only).
- Thursday 8 November in partnership with the Polish Accounting Standards Committee and Ministry of Finance in Warsaw (Open forum on EFRAG/ANC/FRC Disclosure Framework Discussion Paper, workshop for invited participants on IFRS 8).
- Tuesday 13 November in partnership with the German Accounting Standards Committee in Frankfurt (IFRS 8 PIR and EFRAG/ANC/FRC Disclosure Framework Discussion Paper).
- Tuesday 27 November in partnership with the Dutch Accounting Standards Board in Amsterdam (EFRAG/ANC/FRC Disclosure Framework Discussion Paper only).
- Wednesday 28 November invitation only event in partnership with the Swedish Financial Reporting Board in Stockholm (EFRAG/ANC/FRC Disclosure Framework Discussion Paper only).
- Thursday 6 December in partnership with the Organismo Italiano di Contabilita' in Rome (EFRAG/ANC/FRC Disclosure Framework Discussion Paper only).