The EFRAG and the Accounting Standards Board (UK ASB) of the FRC have published a Discussion Paper, ‘Considering the Effects of Accounting Standards’.

The objective of the project is to contribute to improving the way in which accounting standard setters develop and implement standards. The proposals subject to discussion call on standard setters to consider the effects of accounting standards throughout their due process, from start to finish. Feedback from the consultation process will be used to assess support for the proposals and enhance them, so that they can form the basis of possible improvements to the International Standards Board’s (IASB) due process.

The Discussion Paper, available on the EFRAG website, is open for comment until 31 August 2011.

Please find the press release herewith attached.