Accounting

Overview

The division represents members' views on the development and implementation of the International Financial Reporting Standards (IFRS) to the International Accounting Standards Board (IASB) and other relevant standard-setting and regulatory bodies, such as the European Financial Reporting Advisory Group (EFRAG) and the European Commission.

The division also works on product control, corporate reporting, audit and other relevant issues, and arranges subject-specific working groups to take such matters forward.

Key Priorities

Development, endorsement and implementation of IFRS:

• support work on the development of IFRS by submitting AFME’s views on the IASB’s research agenda, discussion papers and exposure drafts.
• engage with EFRAG, the European Commission and the European Parliament in providing AFME’s views on the endorsement of new accounting standards.
• provide a forum for members to discuss implementation issues related to new accounting standards and changes to existing accounting standards.

Engagement with European institutions:
Engage with European and international institutions with responsibilities in accounting matters (in particular the European Commission, the European Parliament, ESMA and EBA). Organise discussions on ongoing matters between members and representatives of European and international bodies.

Product Control and Valuation:
Provide a forum for members to exchange views on issues relating to valuation of financial instruments with the focus on Prudent Valuation.

Accounting/Prudential cross-over issues:
Closely collaborate with AFME’s prudential division in developing its views on the prudential implications of new accounting standards or changes to existing standards.