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Deloitte comment letter on tentative agenda decision on IFRS 10 and IFRS 11 — Transition impairment, foreign exchange and borrowing costs

Published on: Oct 01, 2013

We have commented on the IFRS Interpretations Committee tentative decision not to take onto the Committee’s agenda a request for clarification of the transitional provisions of IFRS 10 and IFRS 11 as they relate to impairment, foreign exchange and borrowing costs.

We believe that additional transitional guidance is needed concerning the initial application differences on transition to IFRS 10 and IFRS 11 for some entities. We provide three observations where this occurs: (1) the use of the term ‘impracticability’ is applied, (2) circumstances in which commencing or discontinuing consolidation of an investee could have an impact on, and (3) the statement that “the assessment of whether an investor has joint control of a joint arrangement would in most cases be the same when applying IFRS 11” is not helpful as a different assessment could result not only from the incorporation of the changed definition of control in IFRS 10.

Download the full comment letter below.

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