Brussels financial reporting invitation to members

Michelle Crickett By Michelle Crickett, Director of Research

26 August 2015

ICAS members can register for free for the EFRAG conference on the Conceptual Framework for Financial Reporting.

ICAS members are invited to a free-to-attend European Financial Reporting Advisory Group (EFRAG) conference on the Conceptual Framework for Financial Reporting.

The conference, in Brussels on 23 September, will be an opportunity to hear about and comment on the International Accounting Standards Board's (IASB) Exposure Draft on the Conceptual Framework, which was published earlier this year.

The IASB said its aim is to inform financial reporting by providing a more complete, clearer and updated set of concepts that can be used by the IASB when developing International Financial Reporting Standards (IFRS) and others, to help them understand and apply those standards.

The comment period for the Exposure Draft expires on 26 October, 2015 and ICAS and EFRAG will both submit their own responses to the IASB. The ICAS response will be drafted by the ICAS Accounting Standards Committee and comments from members are welcome at: accountingandauditing@icas.com.

At the conference, the results of an extensive ICAS/EFRAG research study on the use of information by professional investors and the objectives of financial reporting will be presented. This independent study was commissioned by EFRAG and ICAS to obtain more knowledge on the needs of users for the debate on the Conceptual Framework.The report will be published later this year.

A representative of the IASB will also provide a short presentation on the IASB's Exposure Draft and the proposals will then be debated by participants and a panel consisting of representatives from national standard setters, the European Parliament, users of financial statements, the IASB, EFRAG and academics.

Michelle Crickett, ICAS Director of Research, said: "As the revised framework will drive international financial reporting standard setting and practice in the future it is vital that the profession takes the opportunity to influence the content and direction of the framework.

"This free-to-attend conference offers members of ICAS and others the opportunity to debate the key issues from a European perspective and I would encourage those interested in the future of IFRS to register to attend the event and respond to the IASB."

Members can register to attend the conference by emailing: event@efrag.org.

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