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14/04/2015 - EFRAG publishes a feedback statement on responses to its Discussion Paper Separate Financial Statements

EFRAG published today a feedback statement summarising the main messages from respondents to the discussion paper on separate financial statements

In September 2014, the European Financial Reporting Advisory Group (EFRAG), the Spanish Instituto de Contabilidad y Auditoría de Cuentas (ICAC), the Italian Organismo Italiano di Contabilità (OIC) and the Dutch Raad voor de Jaarverslaggeving (RJ) issued a Discussion Paper Separate Financial Statements . The paper considers how financial statements of a parent or investor are used in Europe for economic decision making, analyses the technical financial reporting issues that arise when entities prepare separate financial statements under IFRS, and proposes solutions to the identified issues.

This feedback statement summarises the feedback received from 7 respondents and from the outreach activities undertaken, including feedback obtained from the EFRAG User Panel and the IASB's Capital Markets Advisory Committee.

Most respondents and participants in meetings welcomed the initiative of EFRAG and its partners in issuing the DP as a way of stimulating the discussion on separate financial statements, a topic that historically has received little attention from the IASB. While not all respondents considered that separate financial statements give rise to significant issues, a majority agreed that it would be useful if the IASB reviewed existing requirements, with a view to developing a specific set of general principles for separate financial statements.