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EFRAG and the national standard setters publish 3 Bulletins in relation to the revision of the IFRS Conceptual Framework

EFRAG and the national standard-setters of France, Germany, Italy and the United Kingdom have agreed to work in partnership to promote discussion, and to ensure that European views are influential in the debate on the IFRS Conceptual Framework.

The first three Bulletins resulting from this partnership have been published.

The three Bulletins are:

Prudence: This Bulletin considers the role of prudence when developing accounting standards.

Reliability of financial information: This Bulletin discusses whether the replacement of reliability with faithful representation and the loss of the idea of a trade-off between relevance and reliability is appropriate.

Uncertainty: This Bulletin considers whether uncertainty is best dealt with solely as a matter of measurement or should continue to play a role in either or both the definition of an element and the recognition criteria.

Comments are invited by 5 July 2013. The comments received will be considered in developing views so as to best express European views in the IASB consultation process.

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