EFRAG draft comment letter on proposed annual improvements to IFRS standards 2015-2017

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

02 Feb 2017

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2017/1 ‘Annual Improvements to IFRS Standards 2015-2017 Cycle’

EFRAG broadly agrees with the IASB proposal; however, it is concerned that “amending IAS 12 without providing guidance on how to determine whether the payments are distributions of profits may not lead to a significant improvement in consistent application compared to the current situation” and that the short time period between issuing the amendments to IAS 28 with the purposed effective date of 1 January 2018 could present issues.

Further, the EFRAG recommends examples and/or illustrations on the application of the proposed amendments to IAS 28.

Comments on EFRAG's draft comment letter are requested by 3 April 2017. For more in­for­ma­tion, see the press release and the draft comment letter on the EFRAG website.

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