As noted in the article on pensions accounting on page 1, EFRAG and European NSS have agreed to take forward proactive work on four projects. The other three projects are:

• conceptual framework - to be led by the French standard-setter;
• the split between debt and equity - to be led by the Germans;
• performance reporting - to be led by the Spanish and EFRAG.

In late July, the EFRAG Supervisory Board issued a discussion paper 'Achieving Consistent Application of IFRS in the EU', which discusses 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. As part of its consultation, in September EFRAG hosted an advisory forum on the consistent application of IFRS. The consultation period closed on 6 October.