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Financial Statement Presentation - EFRAG outreach


On 1 July 2010, the IASB released on its website a staff draft of the exposure draft Financial Statement Presentation (the Draft ED) in order to solicit input and views from constituents, prior to publication of a final ED. To assist the IASB in its efforts to gather views from European constituents, as well as to inform itself of whether, and to what extent, EFRAG preliminary views are representative of European views, EFRAG organised outreach events throughout Europe from September to November 2010, in partnership with European National Standard Setters. The IASB members and staff also participated in these events. The objective of the events was to:

• present the IASB's tentative decisions to constituents;
• present EFRAG's tentative views, highlighting areas of support and focusing on areas of concern;
• seek views from constituents in Europe on the proposals; and
• seek views from constituents in Europe on possible improvements to those proposals.

The meetings with constituents were held in the following locations:

• Amsterdam : Tuesday 26 October 2010
• Helsinki : Monday 15 November 2010
• Warsaw : Friday 26 November 2010
• Stockholm : Monday 22 November 2010
• Oslo : Friday 19 November 2010
• Madrid : Wednesday 24 November 2010
• Rome : Friday 26 November 2010
• Frankfurt : Tuesday 30 November 2010
• London : Wednesday 1 December 2010
• Paris : Thursday 2 December 2010

In February 2011, EFRAG published a report summarising the feedback received during the meetings with European constituents. The feedback report can be accessed below. This feedback report was also communicated to the IASB for its consideration and was taken into account by EFRAG in preparing its draft comment letter on the ED.

As part of the outreach activities, EFRAG also published a paper, which was intended to stimulate the debate by European constituents on the proposals included in the Draft ED and served as a basis for the outreach events in Europe. The comment period on the paper closed on 30 April 2011. In addition to input received from constituents during the meetings and via the online questionnaire, EFRAG received seven comment letters and one note on the discussion with the IASB staff on the respective issues in response to the Paper. The respondents shared the majority of EFRAG's preliminary views on the Draft ED, and their comments were consistent with the feedback received during the meetings with the European constituents.

To complete the overall picture of the European views on the IASB's tentative decisions in respect of the Financial Statement Presentation project and to complement the feedback on the meeting with European constituents published in February 2011, EFRAG issued a letter to the IASB on the comments on the Paper Financial Statement Presentation.

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