Equities - DVFA

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activities of the commissions
CRUF
CRUF Corporate User Forum is a network of senior investment professionals from leading
sell and buy-side equity and bond market institutions formed in 2005. Members of CRUF
provide critical commentary and advice on existing and forthcoming financial reporting
and accounting standards under IFRS. Meetings are held regularly in London, New York,
Frankfurt am Main and Sydney. In 2010, a new section of CRUF was established in
Canada. Further CRUFs are currently being set up in France, Japan and South Korea.
Among other objectives, CRUF aims to further reduce the complexity and size of financial
reporting. The practice-based recommendations of the organisation's members target
granularity of the standards developed and increased use of electronic reporting formats.
CRUF in Germany concentrated primarily on the following in 2010:
� IAS 18 Revenue Recognition
� IAS 27 Consolidations
� IAS 39 Financial Instruments
� IAS 37 Provisions, Contingent Liabilities and Contingent Assets
� IAS 19 Accounting Treatment and Disclosure of Employee Benefits
Equities_
CRUF Germany has authored a joint position paper for the CRUF network on the draft
of IAS 37. Dialogue with the IASB was expanded, so that IASB staff, project managers
and directors were present via closed circuit television at most CRUF meetings.
Also in 2010, CRUF Germany began active exchanges with organisations like EBF
(European Banking Federation), Business Europe and FSB (Financial Stability Board).
The CRUF website was relaunched in 2010, to make its information more easily accessible
to anyone interested (www.cruf.com).