comment letter efrag consultation on proactive work 28 sept 2010

European Financial Reporting Advisory Group 35 Square de Meeûs Grant Thornton International Ltd B-1000 Brussels Grant Thornton House 22 Melton Street London NW1 2EP 28 September 2010 Submitted by email to commentletters@efrag.org Consultation on Proactive Work Grant Thornton International Ltd welcomes the opportunity to comment on the European Financial Reporting Advisory Group's (EFRAG) Consultation on Proactive Work. We have considered the consultation document and the questions within it. We set out our comments below using headings to group them. General comments on proactive work Grant Thornton International Ltd supports the goal of high quality, global financial reporting standards. All our comments are made in the context of this overall objective. We also believe that IFRS and the International Accounting Standards Board (IASB), while facing some challenges, are the only credible and current means by which this goal can be achieved. While considerable progress has been made, there is of course much more to do to achieve global standards. We believe the IASB has perhaps under-estimated the various challenges of setting standards for use in over a hundred countries and that it is increasingly evident that assistance from other organisations is needed. In this context we support proactive work by EFRAG, as well as by national standard-setters and other regional organisations. We believe such work can make a ...