26. August 2022

ASCG comments on the conclusion of the PiR on IFRS 10, IFRS 11 and

The ASCG today submitted its comment letter on the Feedback Statement on the Post-Implementation Review (PiR) of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities to the IASB.

On 20 June 2022, the IASB published a Project Report and Feedback Statement on the conclusions reached in the PiR of IFRS 10, IFRS 11 and IFRS 12. In that Feedback Statement, the IASB states that IFRS 10, IFRS 11 and IFRS 12 are generally working as intended. As a result, the IASB decided that none of the issues that stakeholders had raised during the PiR were of sufficiently high priority to be added to the IASB’s work plan or research pipeline for 2022 to 2026.

In the comment letter, the ASCG agrees with the IASB that IFRS 10, IFRS 11 and IFRS 12 generally work as intended. However, it is pointed out that for some cross-cutting issues (such as the accounting for transactions that involve ‘corporate wrappers’) IFRS Standards still lack guidance, although these issues have been discussed intensively by the IASB. “We regret that the IASB has concluded that no further action is required on any of the issues raised by stakeholders in the course of the PiR of IFRS 10, IFRS 11 and IFRS 12.” comments Prof Dr Sven Morich, Vice-President of the ASCG, on the current project development.

Details are outlined in the ASCG comment letter, which is available on the ASCG’s website.