20/12/2024 - EFRAG survey to preparers of financial statements of rate-regulated entities - Deadline - 31 March 2025
EFRAG's survey aims to gather information from preparers on the practicability and likely effects of the upcoming IASB Standard on Regulatory Assets and Regulatory Liabilities.
In July 2024, the IASB completed its redeliberations of the proposals in the Exposure Draft Regulatory Assets and Regulatory Liabilities and a final Standard (IFRS X) is expected in the H2 2025. EFRAG anticipates a request from the European Commission for endorsement advice to be issued thereafter. Correspondingly, to facilitate EFRAG's timely issuance of its endorsement advice after the publication of IFRS X, EFRAG has commenced related preparatory work including assessing the practicability and conducting a cost-benefit assessment of IFRS X.
As part of this work, EFRAG is conducting a survey targeted at preparers of financial statements of European entities that are likely to be in the scope of IFRS X. The survey aims to gather information on how IFRS X is likely to affect these entities applying with a focus on critical areas identified by EFRAG.
The survey covers the following topics:
Topic 1: Information on the regulatory agreements currently in place including expected changes in future years.
Topic 2: Practicability of applying IFRS X and the likely effects on the information reported in financial statements.
Topic 3: Likely costs of implementing IFRS X.
Topic 4: Likely effects of entities applying IFRS X will have on the quality of financial reporting.
To ensure complementarity between this survey and the IASB's outreach, the survey builds on the questions included in an outreach conducted by the IASB in the second half of 2024 and respondents will be able to skip questions that they have already responded to in the IASB survey.
The survey is to be completed electronically and we also provide a link to a document containing the survey questions should respondents need this. Please note that some questions will only pop up depending on your responses to the preceding questions (i.e., there are conditional questions/responses). Respondents are also able to take a break (and save their answers) while completing the survey. Additional instructions are at the beginning of the survey.
The link to the survey is here.
The survey deadline is 31 March 2025.
If you have any questions related to the contents of the survey, please contact Juan Jose Gomez (juanjose.gomez@efrag.org) or Isabel Batista (Isabel.batista@efrag.org).
