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Deloitte comment letter on conceptual framework for financial reporting

  • Deloitte Comment Letter Image

16 Jul 2010

Deloitte's IFRS Global Office has submitted a letter of comment to the IASB on Exposure Draft 2010/2 Conceptual Framework for Financial Reporting – The Reporting Entity.

Below is an excerpt from the letter:

We generally agree with the proposals. In particular, we agree with the proposed definition of a reporting entity and with the requirement that a parent should present consolidated financial statements when it controls another entity. However, we do not believe that it is appropriate to define the concept of control as part of this chapter of the Conceptual Framework.

We agree with the conclusion that parent-only financial statements may provide useful information. However, we do not believe that the Conceptual Framework should specify the timing and the manner in which parent-only financial statements should be presented in relation to consolidated financial statements.

All of our past letters of comment to the IASB are Here.
Click for: ED 2010/12 Conceptual Framework for Financial Reporting - The Reporting Entity (IASB website)

 

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