On 17 November and 2 December 2010, EFRAG held meetings by public conference call to discuss:
IASB‟s Request for Views on Effective Dates and Transition Methods;
IFRS Interpretations Committee Draft IFRIC Interpretation Stripping Costs in the Production Phase of a Surface Mine;
IASB Exposure Draft Severe Hyperinflation (Proposed amendments to IFRS 1);
EFRAG project Hybrid Financial Instruments; and
IASB Exposure Draft Fair Value Option for Financial Liabilities.
On 7 December 2010, EFRAG met with the European National Standard Setters in EFRAG‟s Consultative Forum of Standard Setters (CFSS) to discuss:
EFRAG‟s activities on Assessing the Effect of Proposed Accounting Standards Before they are Finalised;
IASB project Financial Instruments (replacement of IAS 39); and
IFRS Interpretations Committee - Review of Operational Efficiency and Effectiveness.
On 8-10 December 2010, EFRAG held its monthly meeting and discussed:
IASB Exposure Draft Insurance Contracts;
IASB Exposure Draft Leases;
IASB Amendments to IFRS 7 Disclosures – Transfers of Financial Assets;
IASB project Hedge Accounting;
EFRAG Proactive project Business Combinations under Common Control;
EFRAG Proactive project Financial Reporting for Corporate Income Taxes;
EFRAG Proactive project The Role of the Business Model in Financial Reporting;
IASB Staff Draft of forthcoming IFRS Fair Value Measurement; and
EFRAG Proactive project Considering the Effects of Accounting Standards.
EFRAG invited comments on its draft endorsement advice and draft effects study report to the European Commission on the Amendments to IFRS 7 Financial Instruments: Disclosures – Transfers of Financial Assets. The deadline for comments is 21 January 2011.
Comment letters to the IASB
EFRAG finalised its comment letters to the IASB on the following:
Exposure Draft Leases. The comment letter is supportive of the decision to develop an accounting model to replace the existing IAS 17 Leases. However, EFRAG does not believe that the proposals in the ED are effective in addressing the concerns about the complexity of lease accounting and comparability of information. Furthermore, EFRAG is not convinced that the IASB had done sufficient work to ensure that the proposals result in information that is relevant to users of financial statements.
Exposure Draft Insurance Contracts. The comment letter supports some proposals, in particular on measurement. However, it expresses significant concerns on a number of issues, relating to accounting mismatches, the performance of an insurer, the residual margin, financial statement presentation and transitional requirements.
Exposure Draft Severe Hyperinflation (Proposed amendments to IFRS 1). The comment letter acknowledges the IASB‟s responsiveness in addressing the accounting issues faced by entities emerging out of severe hyperinflation; however, it raises various concerns regarding the scope and application of the proposals.
EFRAG invited comments on its draft comment letter to the IASB on the Request for Views on Effective Dates and Transition Methods. The comment deadline is 21 January 2011.
Comment letter to the IFRS Interpretations Committee EFRAG finalised its comment letter to the IFRS Interpretations Committee on the Draft IFRIC Interpretation Stripping Costs in the Production Phase of a Surface Mine. The comment letter proposes that the Committee consider requiring application of the accounting model in IAS 16 to all forms of stripping costs, as the Draft Interpretation is unlikely to significantly reduce diversity in practice.
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