EFRAG draft comment letters

It is part of the ambit of the European Financial Reporting Advisory Group (EFRAG) to participate in IASB's standard setting process and to coordinate within the European Union (EU) the development of views concerning international accounting standards.

To this end, EFRAG publishes draft comment letters on most International Accounting Standards Board (IASB) and IFRS Interpretations Committee exposure drafts early in the consultative process, for the benefit of constituents and to elicit views on the tentative positions taken.

We post EFRAG draft comment letters to IAS Plus for the benefit of our readers because they offer a thorough analysis of the issues at stake early in the process and can serve as a basis for further analysis.

This page accumulates news stories and other information about the EFRAG draft comment letters. Final EFRAG comment letters are posted to IAS Plus if they offer alternative views or analysis that differs from the general consensus of comment letters submitted to the IASB or the IFRS Interpretations Committee. All of EFRAG's final comment letters to IASB and IFRIC can be found on EFRAG's Website www.efrag.org (you must retrieve the letters project by project).

 

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  • FEE calls for further deferral of IFRS 9, more work on equity accounting

  • Mar 22, 2013

  • The Federation of European Accountants (FEE) has publicly released two comment letters discussing two recent IASB proposals. In responding to the draft comment letter on the proposed limited classification and measurement amendments to IFRS 9 from the European Financial Reporting Advisory Group (EFRAG), FEE calls for the IASB to "confirm a change in the application date of IFRS 9 as soon as possible" to allow entities to prepare.

  • EFRAG draft comment letter on amendments to hedge accounting

  • Mar 11, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB's Exposure Draft ED/2013/2 'Novation of Derivatives and Continuation of Hedge Accounting (Proposed amendments to IAS 39 and IFRS 9)' which was published on 28 February 2013.

  • EFRAG draft comment letter on ED/2012/6

  • Jan 30, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB Exposure Draft ED/2012/6 'Sale or Contribution of Assets Between and Investor and its Associate or Joint Venture'.

  • Two new EFRAG draft comment letters published

  • Jan 29, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has issued draft comment letters on two IASB Exposure Drafts: ED/2012/7 'Acquisition of an Interest in a Joint Operation' and ED/2013/1 'Recoverable Amount Disclosures for Non-Financial Assets (Proposed Amendments to IAS 36)'.

  • EFRAG and the staff of the IASB disagree on macro hedge accounting

  • Jan 22, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the impact of the Review Draft (RD) 'IFRS 9 General hedge accounting' on existing macro hedge relationships under IAS 39, which was published by the IASB in September 2012. EFRAG's position regarding macro hedge accounting is opposed to the position the IASB staff has taken in an agenda paper for the IASB meeting next week.

  • EFRAG draft comment letter on limited amendments to IFRS 9

  • Jan 01, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB's Exposure Draft ED/2012/4 'Classification and Measurement: Limited Amendments to IFRS 9 (proposed amendments to IFRS 9 (2010))' which was published on 28 November 2012.

  • Two new EFRAG draft comment letters published

  • Dec 22, 2012

  • The European Financial Reporting Advisory Group (EFRAG) has issued draft comment letters on two items: the IASB’s Exposure Draft ED/2012/3 'Equity Method: Share of Net Asset Changes' and the IFRS Interpretations Committee’s tentative agenda decision on IAS 39 regarding the implications of negative interest rates for presentation in the statement of comprehensive income.

  • EFRAG draft comment letter on the comprehensive review of IFRS for SMEs

  • Aug 24, 2012

  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB's 'Request for Information: Comprehensive Review of the IFRS for SMEs' that was published for public comment in June 2012. EFRAG suggested that a two-step approach to the review could have been useful: (1) a high-level review of the IFRS for SMEs' objectives, keeping entities in mind when considering the requirements of the standard, and exploring how it should relate to full IFRS, then (2) a more detailed exploration of how changes to full IFRS should be reflected in IFRS for SMEs. Because this approach was not used, EFRAG encountered many questions and is split on two fundamental issues.

  • EFRAG draft comment letter on the proposed IFRS Foundation Due Process Handbook

  • Jul 19, 2012

  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the proposed IFRS Foundation Due Process Handbook that was published for public comment in May 2012. EFRAG emphasises that the overarching principle of bringing improvement to financial reporting at an acceptable cost should be the sole driver for new or changed standards and interpretations.

  • EFRAG draft comment letter on Draft Interpretation on put options

  • Jul 06, 2012

  • The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on IFRS Interpretations Committee (Committee) Draft Interpretation DI/2012/2 'Put Options Written on Non-controlling Interests'. In the comment letter, EFRAG acknowledges that different practices are used in accounting for the subsequent measurement of the financial liability that is recognised in a parent entity’s consolidated financial statements for an non-controlling interests (NCI) puts. However, EFRAG believes that the scope of the Draft Interpretation is too narrow, and does not address all relevant aspects of accounting for derivatives written over non-controlling interests.

  • EFRAG draft comment letter on Draft Interpretation on levies

  • Jul 06, 2012

  • The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on IFRS Interpretations Committee (Committee) Draft Interpretation DI/2012/1 'Levies Charged by Public Authorities on Entities that Operate in a Specific Market'. In the comment letter, EFRAG acknowledges that the consensus is consistent with the principles in the Conceptual Framework and IAS 37. However, EFRAG believes that the Draft Interpretation should also address the accounting for levies due only if a minimum revenue threshold is achieved.

  • EFRAG draft comment letter on government loans

  • Nov 18, 2011

  • The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on the IASB Exposure Draft ED/2011/5 'Government Loans (Proposed amendments to IFRS 1)'.

  • EFRAG comment letters to IASB/IFRIC

  • Aug 03, 2005

  • EFRAG has submitted its letters of comment to the IASB and IFRIC on the following draft documents IASB Draft Memorandum of Understanding on the Role of Accounting Standard-setters and the IFRIC Review of Operations.

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