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EFRAG consideration of comments received

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

19 Jun 2013

The European Financial Reporting Advisory Group (EFRAG) has published feedback statements summarising the main comments received from constituents invited to respond to their draft comment letters in relation to the International Accounting Standards Board (IASB) draft ED/2012/3, ED/2012/6 and ED/2012/07.

The feedback statements provide an analysis of the EFRAG tentative position expressed in the draft comment letters, describe the comments received from constituents and then highlight how these comments were considered by the EFRAG Technical Group (EFRAG TEG) in reaching their final position on the IASB EDs. 

ED/2012/3 Equity Method: Share of Other Net Asset Changes (Proposed Amendments to IAS 28)

This Exposure Draft proposed limited scope amendments to IAS 28 to include guidance on how an investor accounts for its share of the changes in net assets of an associate or joint venture that are not recognised in profit or loss or other comprehensive income of the investee ('other net asset changes'). 

ED/2012/6 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Proposed Amendments to IFRS 10 and IAS 28)

This Exposure Draft proposed to clarify when unrealised profits and losses on transactions between an investor and an associate should be fully recognised: requiring full recognition in relation to transactions involving businesses, but requiring partial elimination in the case of asset sales. 

ED/2012/07 Acquisition of an Interest in a Joint Operation (Proposed amendment to IFRS 11)

This Exposure Draft proposed to amend IFRS 11 'Joint Arrangements' to clarify that a joint operator accounts for the acquisition of an interest in a joint operation which is a business by applying IFRS 3 'Business Combinations' and other relevant standards.

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EFRAG press release (link to EFRAG website)

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