EFRAG issues final comment letter on IFRS annual improvements
Released 20 August 2019
The International Accounting Standards Board (IASB) released Exposure Draft ED/2019/2 Annual Improvements to IFRS Standards 2018-20 in May 2019, making narrow-scope amendments to four of its standards:
The Board set a deadline for comment of 20 August.
The European Financial Reporting Advisory Group (EFRAG) broadly agreed with the proposals made by the IASB, but proposed that the IASB clarifies that the amendment to paragraph D16 of IFRS 1 does not prevent a first-time adopter from using the exemption in paragraph D13, that IAS 39 Financial Instruments be updated in line with the changes proposed to IFRS 9, and that clarification be made to paragraph B3.3.6 of IFRS 9 and an example be given.