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EFRAG to hold a Board conference call to discuss draft endorsement advice on amendments regarding the application of the investment entities exemption

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

30 Apr 2015

The European Financial Reporting Advisory Group (EFRAG) will hold a Board conference call on 8 May 2015 to discuss the EFRAG draft endorsement advice on 'Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28)'.

The objective of the call is for the staff of EFRAG to present to the EFRAG Board a version of the draft endorsement advice.  The current version of the draft endorsement advice concludes:

EFRAG has concluded that the Amendments are not contrary to the principle of ‘true and fair view’ and meet the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management. EFRAG’s reasoning is explained in Appendix 2.

Having considered all relevant aspects, EFRAG assesses that adopting the Amendments is conducive to the European public good in reducing costs to preparers by providing either certainty in the application of relevant IFRS or relief without imposing significant additional costs on users. Accordingly, EFRAG recommends their adoption. EFRAG’s reasoning is explained in Appendix 3.

Supporting papers for the call and details on how to register can be found on the EFRAG website.

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