Feedback on the European Discussion Paper on separate financial statements
16 Apr 2015
The European Financial Reporting Advisory Group (EFRAG) has published a feedback statement summarising the main messages from respondents to the Discussion Paper 'Separate Financial Statements'.
The paper, published in September 2014, was aimed at addressing concerns around how some accounting issues in separate financial statements should be dealt with and a number of practical concerns have arisen in the application of IFRS to the separate financial statements. The discussion paper considered how separate financial statements are used in Europe for economic decision-making and analysed the technical financial reporting issues that arise under IFRS when preparing such financial statements. The paper also proposed solutions to the issues identified and suggestions on how to consider separate financial statements in the future.
Most respondents welcomed the initiative of EFRAG and its partners in issuing the paper as a way of stimulating the discussion on separate financial statements, a topic that historically has received little attention from the IASB. While not all respondents considered that separate financial statements give rise to significant issues, a majority agreed that it would be useful if the IASB reviewed existing requirements, with a view to developing a specific set of general principles for separate financial statements.
The feedback statement is available on the EFRAG website.