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09/02/2012 | EFRAG requests comments on its draft endorsement advice(s) and draft effects study report(s) on IFRS 10, IFRS 11, IFRS 12, IAS 28 (2011) and IAS 27 (2011)

EFRAG has issued its initial assessments of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, IAS 27 (amended 2011) Separate Financial Statements and IAS 28 (amended 2011) Investments in Associates and Joint Ventures (the Standards).

The IASB issued the Standards on 12 May 2011. The objective of IFRS 10 is to provide a single consolidation model that identifies control as the basis for consolidation for all types of entities. IFRS 10 replaces IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation — Special Purpose Entities. IFRS 11 establishes principles for the financial reporting by parties to a joint arrangement, and replaces IAS 31 Interests in Joint Ventures and SIC-13 — Jointly Controlled Entities–Non-monetary Contributions by Venturers. IFRS 12 combines, enhances and replaces the disclosure requirements for subsidiaries, joint arrangements, associates and unconsolidated structured entities. As a consequence of these new IFRSs, the IASB also issued the amended IAS 27 (2011) and IAS 28 (2011). The Standards are effective for annual periods beginning on or after 1 January 2013, with earlier application permitted.

EFRAG decided that it would assess each of the new and amended standards separately. Therefore, EFRAG published a separate invitation to comment on its draft endorsement advice and effect study report on each of these five standards, which for ease of completion are included in one single document. EFRAG’s initial assessment is that each of the Standards meets the technical criteria to be adopted in the EU.

Notwithstanding the positive recommendation that the Standards meet the endorsement criteria, EFRAG does not support the effective date of
1 January 2013. EFRAG’s reasons are explained in the proposed letter to the European Commission, which accompany EFRAG’s Invitation to Comment.

Comments are requested by 11 March 2012.

Document : EFRAGs_Invitation_to_Comment.zip
Linked Project : click here

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