IASB completes post-implementation review of IFRS 10-12

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20 Jun 2022

The IASB has completed its post-implementation review of IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements' and IFRS 12 'Disclosure of Interests in Other Entities'. The summary report published today shows that the standards work as intended.

The objectives of a post-implementation review, according to the IASB's Due Process Handbook, are:

  • to review the important issues that had been identified as contentious during the development of the pronouncement
  • to consider any unexpected costs or implementation problems that have been encountered.

Although minor issues were identified during the review, none of them was considered to be of high or medium priority. The minor issued identified as low priority are:

  • subsidiaries that are investment entities;
  • transactions that change the relationship between an investor and an investee;
  • transactions that involve ‘corporate wrappers’;
  • collaborative arrangements outside the scope of IFRS 11; and
  • additional disclosures about interests in other entities.

The IASB notes that these topics could be explored if they are judged to be of high priority in the next agenda consultation. The Board also encourages stakeholders to submit questions to the IFRS Interpretations Committee if they believe additional guidance is required in certain areas.

For more information, please see the press release and the final report on the IASB’s website. In addition, see our project page on the post-implementation review of IFRS 10, IFRS 11, and IFRS 12.

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