EFRAG requests a deferral of the effective date of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, IAS 27 Separate Financial Statements and IAS 28 Investments in Associates and Joint Ventures.
EFRAG’s field-tests of IFRS 10 and IFRS 11 confirm that the mandatory effective date of 1 January 2013 would pose a significant obstacle to the proper and consistent implementation of these standards. In addition, the outstanding exposure draft on investment entities and the forthcoming exposure draft on the transition provisions of IFRS 10 create uncertainty and may cause undue implementation costs.
For these reasons, EFRAG believes that the effective date of the Standards should be deferred to the later of (a) 1 January 2014 or (b) 12 months after the amendments to IFRS 10 and the standard on investment entities have both been published. This would allow companies to plan and implement the Standards in an orderly manner, which would contribute to the quality of the information reported.