29/06/2021 - EFRAG extends the deadline to 20 July to express interest in participating in the field testing: New disclosure approach for IAS 19 and IFRS 13
EFRAG, in close coordination with the IASB, is conducting field-testing of the IASB's proposals included in the ED Disclosure Requirements in IFRS Standards—A Pilot Approach ED/2021/3 issued in March 2021. The purpose of the field testing is to identify potential implementation and application concerns of the proposed disclosures in IFRS 13 Fair Value Measurement and IAS 19 Employee benefits, to determine whether there is a need for additional guidance, and to estimate the effort and cost required to implement and apply the proposals.
Interested corporates, banks or insurers can register to partake in the field test by emailing disclosureinitiative-pilot@efrag.org by 20 July 2021.
EFRAG extends its deadlines to allow companies to express interest in participating in the field testing on the IASB's project Disclosure Requirements in IFRS Standards-A Pilot Approach to 20 July 2021.
EFRAG, in close coordination with the IASB, is conducting field-testing of the IASB's proposals included in the ED Disclosure Requirements in IFRS Standards—A Pilot Approach ED/2021/3 issued in March 2021.
The purpose of the field testing is to identify potential implementation and application concerns, to determine whether there is a need for additional guidance, and to estimate the cost and effort required to implement and apply the proposals on a recurring basis.
What is field testing and what will participants be expected to do?
Field testing involves testing the IASB's proposals by participants applying the IASB's proposals to their financial statements. Participants will be provided with field work instructions.
In general, participants will be asked to:
- Prepare mock disclosures by applying the proposed requirements and summary information about the process of developing those disclosures;
And/or
- Identify individuals to discuss the process around preparing the mock disclosures or the impact of the proposals.
Participants can choose whether they would like to apply the proposals for IFRS 13 Fair Value Measurement and/or IAS 19 Employee benefits.
EFRAG will prepare feedback based on the field testing and this will be discussed by EFRAG in public meetings. Any information about the results of the fieldwork released publicly, will not allow readers to identify data about individual participants.
EFRAG will use the input collected to prepare the Final Comment Letter. EFRAG's Draft Comment Letter can be found here.
For further information see our policy on field testing.
When will the field testing be conducted?
The intention is to finalise any follow-up discussions on the field work by end of August 2021, but we are happy to discuss any changes to timeline you may require.
Would you like to participate?
The field testing offers an opportunity to put the proposals to the test and to influence them based on your own experience.
All companies are welcome to participate (bigger and smaller), specifically those with significant employee benefits or items carried at fair value including real estate and financial institutions such as banks and insurers.
Please contact disclosureinitiative-pilot@efrag.org if you are willing to participate. Confirmations of participation should be received by 20 July to allow sufficient time to proceed with the field test. However EFRAG is flexible in obtaining input through outreaches, recognising the availability and individual circumstances of the stakeholders and is open to discuss any specific arrangement and timeline.
The commitment of preparers will extend beyond August as there will be discussions on the field test experience with participants during September.
You can contact Fredre Ferreira or Kathrin Schoene for further questions by using the same address mentioned before.
