Highlights
As part of a post-implementation review of IFRS 10听Consolidated Financial Statements, IFRS 11听Joint Arrangements听and IFRS 12听Disclosure of Interests in Other Entities, stakeholders identified a number of areas that they find particularly challenging in practice.
Having considered these issues, the International Accounting Standards Board (the Board) has decided not to take any substantive action at the current time, concluding that the standards are working as intended and achieving their objectives.
What matters did stakeholders identify?
Stakeholders identified a number of areas that they found challenging or would like additional information on, including the following.
听
| 听Area identified by听stakeholders | Board response听听 |
|---|---|
| Subsidiaries that are investment entities | Low priority |
| Transactions that change the relationship between an investor and an investee | Low priority |
| Transactions that involve 鈥榗orporate wrappers鈥� | Low priority |
| Collaborative arrangements outside the scope of IFRS 11 | Low priority |
| Additional disclosures about interests in other entities | Low priority |
| Assessing control | No further action |
| Definition of an investment entity | No further action |
| Classifying joint arrangements | No further action |
| Accounting for joint operations | No further action. The Board noted that the IFRS Interpretations Committee issued an听听on this matter in March 2015 |
| All other matters | No further action |
How did the Board respond?
For each of these matters, the Board decided either to assign a low priority to it or to take no further action.
- Low priority 鈥� meaning the matter could be explored if it is identified as a priority in the Board鈥檚 next agenda consultation, which is expected to be released for public comment in 2026.
- No further action 鈥� acknowledging that companies need to apply judgement to determine the appropriate accounting treatment.
The Board did not assess any of the matters identified by stakeholders to be high priority (i.e. to be addressed urgently) or medium priority (i.e. added to the Board鈥檚 research pipeline).
What next?
Stakeholders are encouraged to submit application questions to the IFRS Interpretations Committee if they meet the submission criteria.
Our publication听Insights into IFRS庐听provides detailed application guidance on IFRS 10, 11 and 12; our听Guides to financial statements听also provide guidance on presentation and disclosures.
Read the Board鈥檚 IFRS 10, 11 and 12听听for more information on its findings.
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