-The European Federation of Accountants (FEE) submitted its comments on the Exposure Draft of First-time application of International Financial Reporting Standards.
FEE as a founding organisation of
EFRAG has also contributed to the
EFRAG commenting process by submitting our views on their preliminary comments. Where we are in agreement with the
EFRAG comments we refer to these comments, where we are in disagreement our own views are put forward. In addition we raise some additional comments.
From a theoretical point of view, to achieve the main goal of IFRS - worldwide comparability of financial statements of different companies, SIC 8 provides the most appropriate requirements to apply for the first time application of IFRS. Therefore, we regret that the ED proposals reduce the comparability between existing appliers of IAS and first time appliers. However, we accept that this approach is taken for practical reasons.
Letter to Mr Tweedie
© FEE
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