EFRAG has significant reservation about the proposals for a new derecognition model. Concerning the alternative approach, EFRAG believes it goes far beyond the incremental changes needed.
EFRAG believes that the main crisis-related issues arising from the IFRS existing derecognition model relate to disclosures and argues that improving disclosure requirements should be the priority for now.
EFRAG has significant reservation about the proposals for a new derecognition model. Concerning Alternative Approach, EFRAG believes it goes far beyond the incremental changes needed.
Finally EFRAG points out that a more comprehensive piece of work on derecognition needs to be done that would need to address at a conceptual level such issues as the asset definition, the unit of account, the role of risks and rewards and the purpose of the balance sheet employing a comprehensive balance sheet employing a comprehensive.
© EFRAG - European Financial Reporting Advisory Group
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