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EFRAG has completed its due process regarding the Exposure Draft of Proposed Improvements to International Financial Reporting Standards and has submitted its final comment letter to the IASB.
“Although one has to be careful when making very detailed changes to what is after all supposed to be a principles-based set of standards written at a fairly high level,”, EFRAG notes, “there is no doubt that some very detailed aspects of existing standards are causing problems and need to be addressed.”
“There are several proposals in this ED that should not be dealt with in the Annual Improvements Project”, EFRAG states.