EFRAG and the National Standard Setters of France, Germany, Italy and the UK publish their strategy on the revision of the IFRS Conceptual Framework

EFRAG and the National Standard Setters of France (ANC), Germany (ASCG), Italy (OIC) and the UK (FRC) are collaborating to investigate aspects of the Conceptual Framework they believe are particularly significant to European constituents.

The aim of this is to facilitate the participation of European constituents in this critical debate for the future of IFRS and to ensure ultimately that the revised conceptual framework reflects an underlying accounting model that European stakeholders believe is conducive to robust and effective financial reporting standards.

In addition, today’s publication will help to illustrate some of the major issues that will arise in the process of developing the new Framework, to explain the strategy of the accounting standard bodies for engaging with the IASB in its development of the Framework, and to encourage others within Europe to engage in the development of the new Framework.

Given the vast scope of the project, and in order to facilitate obtaining input from European stakeholders in an open and proactive way, the accounting standard bodies have agreed to publish bulletins each covering a topic as well as a regular newsletter on project updates.

This activity is taking place as the IASB is restarting its work on this project with the ambition to complete it by 2015.  The work on the Conceptual Framework is the most important development in financial reporting since the restructuring of the IASB and the adoption of IFRS for use in Europe.