EFRAG draft comment letter on IFRS 10 transition guidance
19 Jan 2012
The European Financial Reporting Advisory Group (EFRAG) has issued its draft comment letter on IASB Exposure Draft ED/2011/7 'Transition Guidance (Proposed amendments to IFRS 10)'.
The proposed amendments address the transition guidance in IFRS 10 Consolidated Financial Statements by clarifying when retrospective application is required.
EFRAG is supportive of the proposed amendments because they provide clear and consistent guidance on the transition requirements of IFRS 10. EFRAG also agrees with the ED's trade-off between preparer costs and user benefits.
Comments on the letter are invited by 9 March 2012. The draft comment letter can be downloaded via the press release on EFRAG's website.
See our previous story on IASB Exposure Draft ED/2011/7 Transition Guidance (Proposed amendments to IFRS 10).