EFRAG supports the IASB proposals; however, EFRAG recommends the development of some more illustrative examples in order to further clarify the distinction between an accounting policy and an accounting estimate.

EFRAG also:

• Agrees with the proposed clarification that changes in valuation techniques and changes in estimation techniques are changes in accounting estimates.
• Recommends that the proposed guidance on selecting a cost formula for interchangeable inventories be included in IAS 2 Inventories.
• Recommends that the final amendments are delayed and then grouped with any further amendments to IAS 8 arising from the forthcoming ED on accounting policy changes to avoid making two amendments to IAS 8 in a short space of time.

The feedback statement describes the main comments received by EFRAG in response to its draft comment letter and how these comments were considered by EFRAG in finalising its final comment letter to the IASB.

The press release, full comment letter and feedback statement are available on the EFRAG website.