EFRAG draft comment letter on proposed annual improvements to IFRS standards 2015-2017
02 Feb, 2017
The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2017/1 ‘Annual Improvements to IFRS Standards 2015-2017 Cycle’
EFRAG broadly agrees with the IASB proposal; however, it is concerned that “amending IAS 12 without providing guidance on how to determine whether the payments are distributions of profits may not lead to a significant improvement in consistent application compared to the current situation” and that the short time period between issuing the amendments to IAS 28 with the purposed effective date of 1 January 2018 could present issues.
Further, the EFRAG recommends examples and/or illustrations on the application of the proposed amendments to IAS 28.
Comments on EFRAG's draft comment letter are requested by 3 April 2017. For more information, see the press release and the draft comment letter on the EFRAG website.
