EFRAG final comment letter on proposed amendments to IAS 16
10 Nov, 2017
The European Financial Reporting Advisory Group (EFRAG) has issued its final comment letter on the IASB exposure draft ED/2017/4 'Property, Plant and Equipment — Proceeds before Intended Use (Proposed amendments to IAS 16)'.
EFRAG considers that the proposed amendments “raise a number of substantive questions” and does not believe that these are fully addressed in the ED. EFRAG also highlights that the proposed amendments affect a wider range of transactions and circumstances than the issue submitted to the IFRS Interpretations Committee. It therefore recommends that the IASB “considers taking on a broader project that would address the underlying principles and issues, and assess the effects on current practices, more comprehensively”.
The press release and full comment letter are available on the EFRAG website.
