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On 12 May 2011, the IASB issued IFRS 12 Disclosure of Interests in Other Entities. IFRS 12 provides expanded disclosure requirements relating to entity's interests in subsidiaries, associates and joint arrangements. It moves away from requiring a set of ‘boiler-plate’ list of disclosures to a more principles based approach. IFRS 12 applies only to the consolidated accounts. Disclosures relating to separate accounts are addressed in the revised IAS 27 Separate Financial Statements.
IFRS 12 also provides a new set of disclosures related to unconsolidated structured entities. The new disclosures should enable users to understand the nature and extend of the entity’s interests in unconsolidated structured entities and to evaluate the nature of risks associated with structured entities. IFRS 12 provides a definition of a structured entity. IFRS 12 does not require disclosures for the interests in other unconsolidated entities, which are out of the definition of a structured entity.
The new disclosure requirements for interests in subsidiaries and unconsolidated structured entities have been exposed by the IASB in ED 10 Consolidated Financial Statements. For further information (including EFRAG's comment letter to ED 10) please click here.
The amended disclosure for interests in joint arrangements have been exposed by the IASB in the ED 9 Joint Arrangements. For further information (inclucding EFRAG's comment letter to ED 9) please click here.
In autumn 2011, EFRAG in partnership with European National Standard Setters conducted field-tests of the new requirements introduced by IFRS 10, IFRS 11 and the related disclosure in IFRS 12. The feedback report from the field-tests will be published in the due course.
On 9 February 2012, EFRAG issued the Invitation to Comment on its Initial Assessments of: IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011). Comments are requested by 11 March 2012. For further information and to access EFRAG's draft endorsement advice on IFRS 12, please click here.
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