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Description :
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The IFRS Foundation’s SME Implementation Group, which assists the IASB in supporting the implementation of the IFRS for SMEs, published on 21 November 2011 the draft Q&A Recycling of cumulative exchange differences on disposal of a subsidiary.
The draft Q&A includes a response to the question whether cumulative exchange differences that arise on translation into a presentation currency are prohibited from being recognised in profit or loss on disposal of the subsidiary. The paragraphs in the IFRS for SMEs dealing with translation to the presentation currency are silent on this issue. It is stated in the response that a paragraph in the section on consolidation and separate financial statements deals with the issue and prohibits recycling of the mentioned differences.
On 1 December 2011 EFRAG issued its draft comment letter in response to the draft Q&A. The comment deadline is 18 January 2012.
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Working groups :
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EFRAG Technical Expert Group (EFRAG TEG) -
SME Working Group (SME WG) -
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Current Project Status :
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Draft Comment Letter
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Efrag Output
Comment Letters
No 'Comment Letters'
Other Input
No 'Other Input'
News Items
No 'Linked News Items'
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