From 13 to 15 July 2011, EFRAG held its monthly meeting and discussed the IASB’s new standards related to Consolidation project – IFRS 10 'Consolidation', IFRS 11 'Joint Arrangements' and IFRS 12 'Disclosure of Interests in Other Entities'; IAS 19 'Employee Benefits' (as revised in 2011); Amendments to IAS 1 'Presentation of Items of Other Comprehensive Income'; IASB Exposure Draft Improvements to IFRSs 2009-2011; IASB re-deliberations in the project 'Leases'; IASB re-deliberations in the project 'Financial Instruments'; IASB re-deliberations in the project 'Insurance Contracts'; IASB re-deliberations in the project 'Revenue from Contracts with Customers'; IASB project 'Investment Entities'; IASB Agenda Consultation; IFRS for SMEs – Q&A procedure; EFRAG Proactive project 'Business Combinations under Common Control'; EFRAG Proactive project 'Disclosure Framework for the Notes to the Financial Statements'; and EFRAG Outreach on Financial Statements Presentation.

 

EFRAG finalised its draft endorsement advice and a draft effects study report on IAS 19 'Employee Benefits', as revised in 2011, and on the Amendments to IAS 1 'Presentation of Items of Comprehensive Income'. EFRAG’s initial assessment is that the Amendments and IAS 19 (2011) meet the criteria for endorsement in the EU, and the benefits that are expected to arise from the Amendments are likely to exceed the cost in implementing them. EFRAG is seeking comments from constituents on these drafts. The comment deadline is 23 September 2011.

 

EFRAG finalised its draft comment letter to the IASB on the Exposure Draft 'Improvements to IFRSs 2009-2011' (the ED). The draft comment letter supports the amendments proposed in the ED, however recommends bringing further clarifications to IAS 12 in respect of taxes on distribution to owners, rather than just amending IAS 32. EFRAG is seeking comments from constituents on this draft. The comment deadline is 30 September 2011.

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