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Deloitte letter on proposed amendments to IAS 1

  • Deloitte Comment Letter Image

17 Jul 2006

We have posted the Deloitte letter of comments to the IASB on (PDF 90k).

Our overall view:

We do not think the proposals in the ED are desirable at this time, given that the more fundamental issues related to financial statement presentation are under consideration by the IASB and the US Financial Accounting Standards Board within Segment B of the Financial Statement Presentation Project.

We are particularly concerned that, notwithstanding the IASB's statements to the contrary, the proposals in the ED, if issued as amendments to IAS 1. will inevitably have an impact on the boards' deliberations on financial statement presentation generally. In addition, we are concerned that, although many IFRS users made the transition to IFRSs in 2005, there are significant jurisdictions preparing for transition in the period 2007-2009. In our view, both existing and prospective users and preparers of IFRS financial statements would be better served by changing their financial statement presentation once: to the accounting standard that is the result of the IASB-FASB joint project.

All of Deloitte's past comment letters to the IASC and the IASB may be Found Here.

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