17/12/2021 - EFRAG’s feedback statement on the field testing of the IASB’s ED Disclosure Requirements in IFRS Standards - A Pilot Approach
EFRAG has issued a feedback statement that summarises the findings from the field testing conducted with preparers, on the proposals in the IASBs Exposure Draft ("ED") Disclosure Requirements in IFRS Standards& - Pilot Approach (Proposed amendments to IFRS 13 and IAS 19).
EFRAG, in close coordination with the IASB, has conducted field testing activities of the IASB proposals in the ED published in March 2021.
The objectives of the field testing, which involved a total of 22 preparers, were to:
understand the possible impact in practice, including benefits;
identify potential implementation and application concerns;
estimate the cost and effort required to implement and apply the proposals on a recurring basis; and
determine whether there is a need for additional guidance.
Participants were asked to prepare mock disclosures by applying the proposed requirements and complete a questionnaire, or provide input only via the questionnaire or a structured interview. A large majority of participants agreed to prepare mock disclosures for one or both of the tested standards.
After collecting the results of the field test, EFRAG and the IASB conducted three workshops with 15 out of the 22 field test participants to discuss the field test results with them. In addition to EFRAG and the IASB representatives, National Standard Setters of the field test participants and some EFRAG TEG members were invited as observers. The consolidated findings from the workshops, as well as the additional input from all other field test participants, are summarised in the feedback statement.
This feedback statement (here) has been prepared for the convenience of European constituents to summarise the input from the field test and will be further considered by the involved organisations in the respective due process on the IASB proposals.
