Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12


In December 2020, the IASB published, as part of its due process, a Request for Information (RFI) on the Post-Implementation Review (PIR) of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities (the Standards). The IASB’s comment deadline for the RfI is May 10, 2021. 


The RfI seeks to assess the impact of the Standards on investors, preparers and auditors.

 The IASB is seeking answers to the following questions:

  • have the objectives of the Standards been met?
  • do the Standards provide useful information to users of financial statements?
  • are there any challenges when applying the Standards?
  • has the application of the requirements in the Standards led to divergence or to unexpected costs for preparing, auditing, enforcing, or using the resulting information? 
  • can the requirements in the Standards be applied in a consistent way?

Main areas addressed in the RfI

The RfI addresses a number of areas of the Standards that have been identified by stakeholders as potentially unclear or open to significant judgement. 

For IFRS 10:

  • the assessment of control;
  • the investment entity definition and consolidation exception and whether there is any loss of information when measuring a subsidiary, that is itself an investment entity, at fair value; and
  • other accounting requirements, with a focus on changes in ownership interests.

For IFRS 11:

  • the existence of any collaboration arrangements that do not qualify as joint arrangements as defined in IFRS 11;
  • the classification of joint arrangements as joint operations based on other facts and circumstances and the level of judgment required for this assessment; and
  • the accounting requirements for joint operations.

For IFRS 12, the quality of information an entity provides and whether and how well the disclosure objectives are met by an entity applying the requirements in this Standard.

Planned Outreach

The UKEB 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.  The Invitation to Comment, Your details document and draft comment letter can be found below. Please submit your completed invitation to comment to by 17:00 on 5 May 2021.  

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