EFRAG final comment letter and feedback statement on DI/2015/2
10 Feb, 2016
The European Financial Reporting Advisory Group (EFRAG) has issued its final comment letter on the IFRS Interpretations Committee exposure draft DI/2015/2 'Foreign Currency Transactions and Advance Consideration'. EFRAG has also issued the related feedback statement summarising the main comments received from constituents invited to respond to its draft comment letter.
In its comment letter, EFRAG welcomes the guidance proposed in the draft interpretation, as it will “clarify the accounting for foreign currency transactions in which consideration was received or paid in advance of the recognition of the related asset, expense or income". EFRAG also agrees with the proposed consensus and believes the guidance is consistent with the underlying principles in IAS 21 The Effects of Changes in Foreign Exchange Rates.
The press release, comment letter and feedback statement are available on the EFRAG website.
