EFRAG draft comment letter on the proposed annual improvements to IFRSs 2011–2013

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

19 Dec 2012

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB's Exposure Draft ED/2012/2 'Annual Improvements to IFRSs 2011–2013 Cycle' which was published on 20 November 2012.

EFRAG agrees with most proposals in the ED but it believes that the proposed amendment to IFRS 1 regarding the meaning of effective IFRSs is unnecessary as the standard is already sufficiently clear.

EFRAG also warns against amending the bases of conclusions of standards, which are not part of the core text of the standard:

In addition, EFRAG believes that the IASB should refrain from making amendments to the bases for conclusions of standards, unless it wishes to correct outright errors. In our view, amendments to bases for conclusions cannot take the place of actual standard setting. Furthermore, we would like to note that such amendments do not form part of the standards themselves and hence do not affect IFRSs as endorsed in the European Union.

Click for:

  • EFRAG press release with link to the draft comment letter (link to EFRAG website).
  • Our previous story on the Exposure Draft ED/2012/2 Annual Improvements to IFRSs 2011–2013 Cycle.
  • Deloitte's IFRS in Focus newsletter on the Annual Improvements exposure draft.

Comments on the letter are invited by 1 February 2013.

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