The Exposure Draft focuses on the description and characteristics of a reporting entity. It also sets the definition of control as the basis for determining the boundaries of a reporting entity where it includes more than a single entity.
EFRAG has issued its draft comment letter on the IASB's ED Conceptual Framework for Financial Reporting: The Reporting Entity.
In March 2010 the IASB issued a Exposure Draft Conceptual Framework for Financial Reporting: The Reporting Entity (the ED) . The ED focuses on the description and characteristics of a reporting entity. The ED also sets a the definition of control as the basis for determining the boundaries of a reporting entity where it includes more than a single entity.
The draft comment letter is broadly supportive of the proposals, but includes some significant concerns.
Deadline for comments are invited on the letter by 25 June 2010
© EFRAG - European Financial Reporting Advisory Group
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