Consultation meeting with EFRAG

18 April 2006

The Chairman of the International Accounting Standards Board (IASB), two board members and the Director of Technical Activities recently held a meeting with the Chairman of the European Financial Reporting Advisory Group (EFRAG) and the Chairman of the UK Accounting Standards Board.

This was the first meeting under an arrangement for consultation with EFRAG before each joint meeting of the IASB and the Financial Accounting Standards Board (FASB).

The subjects discussed at the meeting were:

• The working arrangement between the European Commission and EFRAG
• The Memorandum of Understanding between the IASB and the FASB
• The IASB work plan
• Progress on joint IASB / FASB projects – mainly the conceptual framework and business combinations
• Future meeting dates and arrangements

The next consultation meeting will be held in October. Discussion on technical topics will be held in public.