EFRAG and the Accounting Standards Board (ASB) held an outreach event on 1 December 2010, the purpose of which was to assist the IASB in its efforts to gather views from European constituents on decisions made to date on the Financial Statement Presentation project. The outreach event was held prior to the IASB finalising its exposure draft, which is now not expected to be before the second half of 2011. As a result the event provided an opportunity to not only help inform the IASB of whether, and to what extent, EFRAG’s preliminary views are representative of European views, but also to potentially influence the way the project moves forward later on in 2011. The event was attended by IASB representatives.

The IASB Financial Statement Presentation proposals (IASB Staff draft of ED) mark a significant change compared to current standards. It was important that issuers, investors and auditors made their voices heard. The event was a significant opportunity for UK constituents to contribute to influencing the development of the IASB project.

The objectives of the event were:

• to present the IASB’s tentative decisions;
• to present EFRAG’s and the ASB’s tentative views, highlighting the areas of support and
• focusing on the areas of concern;
• to seek views from constituents in the UK on the proposals; and
• to seek views from constituents in the UK on possible improvements to those proposals.