22/01/2021 - Your input wanted on the EFRAG survey relating to the Post-Implementation Review of IFRS 10, 11 and 12
EFRAG encourages constituents to participate in its survey about the Post-Implementation Review of IFRS 10, 11 and 12. Responses are requested by 16 April 2021.
The IASB has published a Request for Information (RFI) on the Post-Implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities (the Standards). With the aim of providing input to this RFI, EFRAG is launching a survey on the application of these Standards. Responses are requested by 16 April 2021 (COB).
IFRS 10 sets out the requirements for the preparation of group - consolidated - financial statements, IFRS 11 addresses how to account for interest in joint-arrangements, and IFRS 12 sets out the information to be disclosed in the notes to the financial statements about interests in other companies.
In the Post-Implementation Review, the IASB is seeking information as whether issued Standards work as intended; whether challenges occur when applying the Standards; whether application of the requirements lead to divergence or to unexpected costs in using, applying or enforcing the resulting information.
To be able to reply to this RFI, EFRAG asks its constituents to complete the survey which addresses a number of areas of the Standards that have been identified as potentially unclear or open to significant judgement. The survey also seeks feedback on the usefulness of the information resulting from application of the Standards. The input received through the survey will help EFRAG to answer the RFI.
Separate questions have been developed for preparers and users of financial statements. Auditors, standard setters and regulators are also invited to participate in the survey.
The survey can be found here. We kindly ask constituents to complete the survey 16 April 2021.
