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:
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:
For IFRS 11:
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.
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:
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 PIR10firstname.lastname@example.org by 17:00 on 5 May 2021.