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15/09/2011 | EFRAG invites companies to participate in the field-testing of the new standards on consolidation - IFRS 10 and IFRS 12

EFRAG, in partnership with European National Standard Setters, will conduct field-testing of the new requirements on consolidation IFRS 10 Consolidated Financial Statements and IFRS 12 Disclosure Interests in Other Entities, published by IASB in May 2011. The purpose of the field-testing is to identify potential implementation and application difficulty, and to estimate the effort required to implement and apply the new requirements. The findings of the field-testing will be used by EFRAG in developing its technical and its cost and benefit assessment of the new standards against the EU endorsement criteria.

What is field-testing and what participants are expected to do?

Field-testing involves understanding and testing of the new requirements set out in IFRS 10 and IFRS 12 by applying them to actual transactions. Participants will be asked to select a representative sample of investees (including structured entities), apply the new requirements to that sample and to report (1) any implementation issues that they experience, (2) an estimate of the expected impact of the new requirements on their financial position and performance and (3) the effort needed to implement the changes.

When and how will the field testing be conducted?

Participants will be selected during September 2011. EFRAG Staff has developed a questionnaire on the new standards, which is intended to guide participants step-by-step through the new requirements. Using the sample of investees selected for testing, participants will be asked to complete the sections of the questionnaire that affect their company and report their findings. Based on the completed questionnaires, EFRAG staff will conduct, when necessary, follow-up interviews with participants either by telephone or face-to-face.

All of the information provided to EFRAG during the field-testing will remain confidential. Information used in EFRAG’s endorsement advice reports will be presented in such a way that no individual company or person can be identified.

Would you like to participate?

The field-testing offers an opportunity to test the new requirements introduced by IFRS 10 and IFRS 12 and to provide valuable input to the EU endorsement process. All companies from all backgrounds are invited to participate, but we particularly welcome European participants from the following industries, which are probably more affected by the new requirements than others:

·         Banking;

·         Insurance; and

·         Asset management.

If you would like to participate in the field-testing, please contact Latif Oylan at Latif.Oylan@efrag.org. Please respond by 22 September 2011.

If your company would to  receive further information about the field-testing, please contact  Latif Oylan or Isabel Batista at Isabel.Batista@efrag.org
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