EFRAG welcomes the Board’s decision to postpone the effective date of IFRS 9 'Financial Instruments', but considers that the revised effective date of 1 January 2015 provides insufficient relief. EFRAG believes that rather than setting a fixed effective date, it would be more appropriate to allow entities at least three years to implement IFRS 9 from the publication date of either the last phase of IFRS 9 or of the standard on insurance contracts, whichever is the latest.
While EFRAG agrees, in principle, that entities adopting IFRS 9 on or after 1 January 2012 should be required to restate comparative information, the IASB should reconsider the transitional requirements of IFRS 9 to ensure that the restated comparative information is meaningful. If the IASB were to conclude that it is not possible to revise the transitional requirements such that the comparative information is meaningful, EFRAG would recommend that relief from restating comparative information be granted.
Comment letter
© EFRAG - European Financial Reporting Advisory Group
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