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In December 2011, the IASB issued the Exposure Draft 'Transition Guidance (Proposed amendments to IFRS 10)'. The objective of the proposed amendments is to clarify the transition guidance in IFRS 10 by confirming when an entity needs to apply IFRS 10 retrospectively.
EFRAG welcomes the IASB’s decision to clarify the transition guidance in IFRS 10. In addition, EFRAG also supports the Board’s decision to address this issue separately rather than through an annual improvement.
EFRAG supports the proposed amendments, as they provide greater clarity and ensure consistent application of the transition requirements of IFRS 10. EFRAG agrees with the amendment, as it provides an appropriate trade off between the costs to preparers and benefits to users.