European Financial Reporting Advisory Group

22/10/2010 | EFRAG Draft Comment Letter on IASB ED Severe Hyperinflation (Proposed amendment to IFRS 1)

EFRAG has issued its draft comment letter on the IASB's ED 2010/12 Severe Hyperinflation (Proposed amendment to IFRS 1). The letter can be downloaded here. Comments are invited on the draft comment letter by 22 November 2010.
	In September 2010, the IASB issued the Exposure Draft Severe Hyperinflation (Proposed amendment to IFRS 1). The Exposure Draft proposes an exemption which would allow an entity that has been subject to severe hyperinflation to measure assets and liabilities at fair value and use that fair value as the deemed cost of those assets and liabilities in the opening IFRS statement of financial position. EFRAG appreciates the IASB´s responsiveness to the needs of its constituents, but we have some concerns about the scope and application of the proposals.
Document : EFRAG Draft Comment Letter ED Severe Hyperinflation Proposed Amendment to IFRS 1.pdf
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