At a meeting in June of EFRAG's Technical Experts Group (TEG) and European National Standard-Setters (NSS), an understanding was reached that EFRAG and the NSS should work much more closely together to improve the input from Europe to the global standard-setting process. EFRAG's proposals for how such closer working might work are set out in a paper 'Proactive Accounting Activities in Europe', which can be accessed on the EFRAG website at www.efrag.org. The intention is to start this process immediately, and the Chairman of EFRAG TEG is arranging an initial meeting of a co-ordinating group, in which the ASB Chairman will participate.

EFRAG has also been considering whether to set up a European interpretations support mechanism to identify issues that have the potential to cause inconsistency within the EU and to act as a filter to IFRIC.