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Comment letters on the IFRS Interpretations Committee tentative agenda decisions on IFRS 11

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20 Jan 2015

The European Financial Reporting Advisory Group (EFRAG) and the European Securities and Markets Authority (ESMA) have published comment letters referring to the tentative agenda decisions of the IFRS Interpretations Committee on IFRS 11 Joint Arrangements.

EFRAG welcomes the decision of the IFRS Interpretations Committee to publish a summary of the discussions relating to IFRS 11 through a series of separate agenda decisions and believes that they will provide “useful educational material that illustrates the application of certain aspects of IFRS 11”.  

However, EFRAG does not agree with the decision to exclude the issue relating to ‘project entities’ from the published series of agenda decisions.  EFRAG considers that “communicating a summary of the discussion on this issue will also benefit constituents”.

The views of EFRAG are shared by ESMA.  ESMA comment that the publication of the agenda decisions in relation to IFRS 11 is “useful for preparers, users, auditors and regulators and will contribute to the consistent understanding and application of IFRS 11”.  ESMA also agrees that the IFRS Interpretations Committee should include its analysis on the issue relating to ‘project entities’ in the published set of an agenda decisions.

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