The Accounting Standards Board (ASB) and the
European Financial Reporting Advisory Group (EFRAG) have joined
forces to improve how accounting standard setters develop and
implement standards.
In a joint proposal, the UK standard setter
and the European advisory group said that standard setters must
examine their due process from start to finish
by considering the effects of accounting
standards.
A discussion paper, Considering the Effects of
Accounting Standards, is part of the European proactive agenda
for stimulating the global accounting debate and influencing the
direction of IFRS.
The proposal is designed to stimulate
discussion and to use the consultation process to assess support
for the proposal, to help assist the IASB in implementing them.
The proposal is open for comment until 31
August 2011.
