The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) met on 9 March 2012 to discuss the IASB’s ongoing work on the four major open projects and to address a number of other matters. EFRAG is the private sector body responsible for stimulating debate in Europe about the evolution of International Financial Reporting Standards (IFRSs) and for providing input to the work of the IASB, after appropriate due process, on behalf of Europe.