IASB completes post-implementation review of IFRS 10, 11, and 12

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Jun 20, 2022

On June 20, 2022, the International Accounting Standards Board (IASB) completed its post-implementation review of IFRS 10 "Consolidated Financial Statements", IFRS 11 "Joint Arrangements" and IFRS 12 "Disclosure of Interests in Other Entities". The summary report published shows that the standards work as intended.

The objectives of a post-implementation review, according to the IASB's Due Process Handbook, are:

  • to review the important issues that had been identified as contentious during the development of the pronouncement
  • to consider any unexpected costs or implementation problems that have been encountered.

Although minor issues were identified during the review, none of them was considered to be of high or medium priority. The minor issued identified as low priority are:

  • subsidiaries that are investment entities;
  • transactions that change the relationship between an investor and an investee;
  • transactions that involve "corporate wrappers";
  • collaborative arrangements outside the scope of IFRS 11; and
  • additional disclosures about interests in other entities.

The IASB notes that these topics could be explored if they are judged to be of high priority in the next agenda consultation. The Board also encourages stakeholders to submit questions to the IFRS Interpretations Committee if they believe additional guidance is required in certain areas.

Review the press release and final report on the IASB’s website.

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