EFRAG

As numerous stakeholders, EFRAG praises the IASB’s standard-setting process and dedication of the IFRS Foundation teams to deliver high quality financial reporting standards.

Despite those efforts, difficulties of interpretation and implementation may arise once an IFRS has been released. With the implementation of the Transition Resource Group on Revenue Recognition, the IASB is showing a strong willingness to best assist implementation efforts by practitioners. However, EFRAG believes that amendments and clarifications that may appear necessary when implementation efforts begin should benefit from a lighter due process than that imposed for any amendment to IFRS, so as to allow for the appropriate level of responsiveness by the IASB in lifting uncertainties or undetected operational difficulties in applying the new standard.

 

Draft letter to the IASB and invitation to comment