IASB’s Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12: UK Endorsement Board secretariat’s draft response published

The UK Endorsement Board secretariat’s draft response to the IASB’s Request for Information on its Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities (the Standards) has been published.

The draft response concludes that overall the standards are working effectively and recommends:

• Additional guidance to improve consistency and comparability in accounting for acquiring a controlling interest in a single-asset entity
• Additional disclosures to provide more useful information to users
• Illustrative examples on the interaction of IFRS 11 with both IFRS 15 and IFRS 16

We welcome comment on the draft response. Please submit your completed invitation to comment to PIR10-12@endorsement-board.uk by 17:00 on 5 May 2021.