Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12
- Completed
- Consultation
- Robert Stojek, Didier Andries, Didrik Thrane-Nielsen
Description
The conclusions of the IASB resulting from Post-implementation Review of IFRS 10, IFRS 11, and IFRS 12:
On 26 October 2021, following the consultation period, the IASB concluded that IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities work as intended. The IASB decided also to consider the following topics while developing its work plan for 2022 to 2026 as part of the Third Agenda Consultation:
- investment entities - subsidiaries that are investment entities (high priority issue);
- collaborative arrangements outside the scope of IFRS 11 (high priority issue);
- investment entities - definition of an investment entity (medium priority issue);
- corporate wrappers (medium priority issue);
- transactions that change the relationship between an investor and an investee (low priority issue).
Recent IASB's decisions
The IASB dicussed the results of the PIR review at its January and February 2022. meetings, and decided:
- that the following topics were classified as low priority and will only be addressed if identified as a priority in the next IASB's Agenda Consultation.
- investment entities—subsidiaries that are investment entities;
- collaborative arrangements outside the scope of IFRS 11
- transactions that involve ‘corporate wrappers’
- transactions that change the relationship between an investor and an investee
- to take further action on disclosure of interests in other entities as a low-priority topic, and
- not to take further action on any other topics arising from the Post-implementation Review.
The history of the project
In May 2011, the IASB published IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, revised IAS 27 Separate Financial Statements, and revised IAS 28 Investments in Associates and Joint Ventures (the Consolidation Package). In the Eurpean Union, the effective date of the Consolidation Package was delayed by one year to 1 January 2014.
In April 2019, in accordance with its due process handbook, the IASB initiated a post-implementation review project of IFRS 10, IFRS 11, and IFRS 12 and, on 9 December, published a consultation paper - Request for Information.
EFRAG consulted its constituents and, on 2 June 2021, submitted its response to the IASB request..
The relevant documents are available below, in Documents section.
Documents
Project news
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02/06/2021 - EFRAG's response to the IASB's Request for Information on Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12
EFRAG has submitted its response to the IASB's Request for Information on Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities (the PIR). The response is available here.
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09/04/2021 - REMINDER | Complete EFRAG’s survey on the PIR of IFRS 10, 11 and 12 by 16 April
Constituents, in particular users of financial statements, are welcome to contribute to the post-implementation review (PIR) of the Consolidation Package, under international financial reporting standards. Participate in the EFRAG survey about the PIR IFRS 10, 11 and 12 by 16 April 2021.
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26/03/2021 - Listen to the final episode of the EFRAG podcast series: PIR of IFRS 10, IFRS 11 and IFRS 12
Reaching out to stakeholders, EFRAG releases today the final podcast of its four-episode series dedicated to the post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Listen to this final episode now and participate in EFRAG’s survey.
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10/03/2021 - Listen to the 3rd episode of the EFRAG podcast series: PIR of IFRS 10, IFRS 11 and IFRS 12
Reaching out to stakeholers, EFRAG releases today its third episode, out of a series of four podcasts, dedicated to the post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Listen to our third episode now and participate in EFRAG’s survey.
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03/03/2021 - Listen to the 2nd episode of the EFRAG podcast series: PIR of IFRS 10, IFRS 11 and IFRS 12
To reach out to stakeholders, EFRAG embarked on a series of podcasts presenting the post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Listen to the second episode now and participate in EFRAG’s survey.
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24/02/2021 - Listen now to the EFRAG podcast series: PIR of IFRS 10, IFRS 11 and IFRS 12
In order to reach out to stakeholders, EFRAG releases a series of podcasts presenting the post-implementation review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Listen to the first episode now, and participate in EFRAG’s survey.
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22/01/2021 - Your input wanted on the EFRAG survey relating to the Post-Implementation Review of IFRS 10, 11 and 12
EFRAG encourages constituents to participate in its survey about the Post-Implementation Review of IFRS 10, 11 and 12. Responses are requested by 16 April 2021.
