26/08/2020 - EFRAG summary report of the field-test workshop with corporates on 7 July 2020
EFRAG has issued a report that summarises the findings received from participants in its field-test on the IASB Exposure Draft General Presentation and Disclosures. The workshop was undertaken in close coordination with European National Standard Setters and the IASB on 7 July 2020 where different companies (corporates) discussed potential implementation and application concerns, whether there is a need for additional guidance and the efforts required to implement and apply the IASB proposals.
EFRAG, in close coordination with European National Standard Setters and the IASB, is conducting field-tests of the IASB proposals included in the Exposure Draft ED/2019/7 General Presentation and Disclosures (ED), published in December 2019.
The purpose of the field-test is to identify potential implementation and application concerns, determine whether there is a need for additional guidance and estimate the effort required to implement and apply the proposals.
The participants involved were asked to apply the IASB proposals to their financial statements and answer a questionnaire from EFRAG and the IASB. The results were discussed in a workshop on 7 July 2020.
This summary report has been prepared for the convenience of European constituents to summarise the input from the workshop and will be further considered by the involved organisations in the respective due process on the IASB proposals.