EFRAG Report on Implementation of IFRS 10, IFRS 11 and IFRS 12
The EFRAG has issued a feedback report regarding field-tests on implementing IFRS 10, IFRS 11 and related disclosures in IFRS 12. The field-tests were conducted by members of EFRAG and the European National Standards Setters. The tests were conducted in two separate questionnaires which gathered feedback from participates on issues arising from implemention of the new requirements and the estimate of expected costs and benefits preparers experienced.
Participants described certain benefits related to the implementation of IFRS 10 and 11, including (1) IFRS 10 provided "a single basis for consolidation and a uniform approach for all types of entities including 'special purpose entities'" and (2) IFRS 11 would eliminate "the existing accounting option for interests in jointly controlled entities."
Start free ReadyRatios
reporting tool now!
Last Accounting News
- IASB Confirms One-year Delay for IFRS 17
- IFRS Foundation Publishes IFRS Taxonomy 2018
- IASB Urged to Improve Standards-setting Processes
- FSB Encourages Insurers to Act on the New Insurance Standard
- IFRS Foundation Trustees and the IASB Meets with the Japanese Stakeholders in the Wake of More Japanese companies Adopting IFRS Standards
- IASB Replaces IFRS 4 with the Issuance of a New Standard on Insurance Accounting
- IASB has Proposed Minor Amendments to IFRS 9 Relating to the Measurement of Financial assets with Prepayment Feature