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EFRAG draft comment letter on IASB's exposure draft on the mandatory effective date of IFRS 9

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

09 Sep 2011

The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on the IASB Exposure Draft Mandatory Effective Date of IFRS 9.

In this draft letter, EFRAG agrees that there should be a delay in the effective date of IFRS 9 Financial Instruments, but expresses concern about the revised effective date of 1 January 2015. Below is an excerpt from the draft letter:
EFRAG believes that, rather than setting a fixed effective date, it would be more appropriate to allow entities at least three years to implement IFRS 9 after the completion of all phases of IFRS 9 and the standard on insurance contracts. We believe that not requiring restatement of comparative information in the first year of application of IFRS 9 would be an inappropriate alternative to setting a proper effective date in the first place.

EFRAG is seeking comments on its draft letter by 17 October 2011. Click for:

 

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