EFRAG Update With Meeting Summary For The July EFRAG TEG Meeting

The EFRAG TEG meeting was held on 13 to 15 July 2011. Highlights from the meeting were:

EFRAG finalized its draft endorsement advice and a draft effects study report on IAS 19 Employee Benefits, as revised in 2011, and on the Amendments to IAS 1Presentation of Items of Comprehensive Income.

EFRAG finalised its draft comment letter to the IASB on the Exposure Draft Improvements to IFRSs 2009-2011(the ED). The draft comment letter supports the amendments proposed in the ED, however recommends bringing further clarifications to IAS 12 in respect of taxes on distribution to owners.