10. January 2023
The ASCG today has submitted its comment letter to the IASB on selected tentative decisions of the IASB as part of its Primary Financial Statements project.
From October 2022 to December 2022, the IASB had conducted targeted outreach activities involving ASAF members. The ASCG participated in these outreach activities and conducted several outreach events on the IASB’s Primary Financial Statements project in October and November 2022, jointly with the IASB and EFRAG. As a result of these outreach activities and in-depth discussions of the Financial Reporting Technical Committee, the ASCG has submitted its comment letter to the IASB in which the feedback received from the outreach events is reflected and recommendations to the IASB are deduced.
In its comment letter, the ASCG is clearly supportive of the IASB’s Primary Financial Statements project and the IASB’s objective to increase comparability between entities and over time as regards reporting performance and providing corresponding disclosures. Notwithstanding this general support, however, the ASCG’s outreach activities have shown that some of the IASB’s tentative decisions include new thinking, are still subject to significant debate, and in some cases their consequences have not yet been fully settled amongst stakeholders.
Against this background, the ASCG recommends the IASB – after it has concluded its redeliberations and has formed its positions – carefully consider whether a re-exposure might be necessary for some selected topics. In particular, the comment letter highlights the following issues that potentially require further consideration and public consultation by the IASB: