2-3-2009 | EFRAG's Draft Comment Letter on the ED Consolidated Financial Statements

EFRAG has issued its draft comment letter on the IASB’s ED 10 Consolidated Financial Statements. The letter can be downloaded here. Comments are invited on the draft letter by 20 March 2009.
	The primary objectives of the ED 10 are: (a)  to bring together IAS 27 and SIC-12 in a single principle for consolidation that is applied to all entities;  (b)  to enhance the disclosures provided about certain unconsolidated entities; and (c)  to clarify aspects of existing IFRS that are causing uncertainty currently.    EFRAG supports these objectives and agrees that objectives (b) and (c) are urgent. However, EFRAG has a number of concerns about the single, universally-applied principle proposed in the ED to meet objective (a).  As EFRAG does not believe that objective is an urgent as the other two and it also believes more work is needed before the objective can be fulfilled, it recommends that the project be divided in two and a standard addressing objectives (b) and (c) developed from the ED’s proposals as a matter of high priority.
Document : EFRAGs draft comment letter on ED 10 Consolidated Financial Statements.pdf
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