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EFRAG draft comment letter on deferral of IAS 1 effective date ED

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

08 May 2020

The European Financial Reporting Advisory Group (EFRAG) has published a draft comment letter on the IASB exposure draft ED/2020/3 '3 Classification of Liabilities — Deferral of Effective Date (Proposed amendment to IAS 1)'.

In the draft comment letter, EFRAG agrees with the proposals in the exposure draft published on 4 May 2020 that would defer the effective date of the January 2020 amendments to IAS 1 by one year.

EFRAG acknowledges that there may be related operational consequences of the amendments, but opines that the advantages of a deferral during this time of significant disruption due to COVID-19 would outweigh the disadvantages, as earlier application of the amendments will continue to be permitted. ​

Comments on EFRAG's draft comment letter are requested by 25 May 2020. For more information, see the press release and the draft comment letter on the EFRAG website.

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