The European Financial Reporting Advisory Group (EFRAG) and the national standard-setters in the UK, France, Germany and Italy are to work together to ensure that European views are reflected in the debate on revising the IFRS Conceptual Framework.

As a first step the partners in this process have published three bulletins for public consultation, the first of which considers the role of prudence when developing accounting standards.

The second, Reliability of financial informationdiscusses whether the replacement of reliability with faithful representation and the loss of the idea of a trade-off between relevance and reliability is appropriate.

The third bulletin considers whether uncertainty is best dealt with solely as a matter of measurement or should continue to play a role in either or both the definition of an element and the recognition criteria.

Comments on all three bulletins are invited by 5 July 2013, and will be used to help the standard setters ensure that the IASB consultation process includes European views.