27 February 2012

EFRAG: Findings of the field tests on implementing IFRS 10, IFRS 11 and IFRS 12

In May 2011, the IASB published IFRS 10 'Consolidated Financial Statements', IFRS 11 'Joint Arrangements' and IFRS 12 'Disclosure of Interests in Other Entities' (‘the Standards’).   

EFRAG staff has conducted field-testing by asking preparers to apply the new requirements in IFRS 10, IFRS 11 and IFRS 12 to a representative sample of their investees and joint arrangements.  

The field tests were conducted by EFRAG staff in partnership with the staff from some European National Standard-Setters to gather additional input on the effects of implementing the Standards. The field tests were conducted by way of two separate questionnaires that asked preparers to provide information on the operationality, costs and benefits of implementing the new requirements. The results of these fact-finding studies served as input to EFRAG’s draft endorsement advices and draft effects study reports on the Standards.

This Feedback Report is intended to be read together with Appendix 1 of EFRAG’s draft endorsement advice on the Standards, which provides a summary of the new requirements. These draft endorsement advices were previously published by EFRAG on 9 February 2012.

Press release

This Feedback Report has been prepared by the EFRAG secretariat for the convenience of European constituents. The content of this report has not been subject to review or discussion by the EFRAG Technical Expert Group.

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