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The main purposes of the field-test are to test the operationality of the proposals, whether the standard will operate as intended, and gather information to assess the quality and effects of the future accounting standard and the usefulness of the information that will result from applying the requirements, as well as to assess the level of effort required to implement and apply the requirements.
The field-test involves testing the proposals by applying them to actual transactions. Participants will be asked to select a number of hedges for testing, apply the full set of proposals to that sample and to report any issues that they experience.
EFRAG is also interested in identifying any topics or areas in which participants believe there is a lack of clarity in the drafting that could result in accounting that does not reflect the entity’s risk management activities.
EFRAG staff have developed jointly with the National Standard-Setters, that have agreed to participate, a questionnaire on the new proposals. Using a sample of hedges selected for testing, participants will be asked to complete a questionnaire to document their findings. Based on the completed questionnaires, EFRAG staff and the standard-setters will conduct, when necessary, follow-up interviews with participants either by telephone or face-to-face.
The information provided during the field-test to EFRAG and the European National Standard-Setters participating in the field-test will remain confidential. Information used in any reports will be presented in such a way that no individual company or person will be able to be identified. However, the list of participants in the field-test will be made public. The IASB will have access to the information.