In December 2011, the IASB issued the Exposure Draft Transition Guidance (Proposed amendments to IFRS 10). The objective of the proposed amendments is to clarify the transition guidance in IFRS 10 by confirming when an entity needs to apply IFRS 10 retrospectively.

EFRAG supports the proposed amendments as they provide greater clarity and ensure consistent application of the transition requirements of IFRS 10. EFRAG agrees with the amendment as it provides an appropriate trade-off between the costs to preparers and benefits to users.

Click here  for a short presentation of EFRAG's preliminary position on the Exposure Draft.