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 implementation 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."
- EFRAG press release (link to EFRAG website)
- EFRAG Feedback report on field tests on IFRS 10, IFRS 11 and IFRS 12 (PDF 448k, link to EFRAG website)