Date recorded:

EFRAG expressed some concerns about the proposed finalisation of the IFRS on consolidation, in particular that the IFRS might be accompanied by an ED on investment companies. The IASB did acknowledge that this was slightly unfortunate, but that the fund management industry, particularly in North America, had existing financial reporting practices that allowed fund managers not to consolidate what would otherwise be subsidiaries. However, the IASB did acknowledge that it was difficult to gauge how acceptable the Investment Companies proposals would be: the ED could suffer the same fate as the rate-regulated proposals.

There was considerable discussion of the IASB's field testing and the results of outreach on both consolidation and joint arrangements. The IASB staff noted that the outreach had been extensive and very useful. However, much of it had been done under strict confidentiality with the participants and covered hundreds of contracts in many jurisdictions. Consequently, providing detailed feedback on the outreach would be a challenge. However, the staff would provide as comprehensive a feedback statement as possible.

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