EFRAG agrees with most of the proposals, but sees a need for some rewording or for an additional amendment to make the issue clearer.
EFRAG issued its Draft Comment Letter on the Exposure Draft ‘Improvements to IFRSs'. EFRAG agrees with most of the proposals, but sees a need for some rewording or for an additional amendment to make the issue clearer.
Main areas of disagreement are:
IFRS 8 Operating Segments – Disclosures of information about Segment Assets
The IASB proposes to amend the basis for conclusion so that only those assets and liabilities that are included in the measure of the segment‘s assets and segment‘s liabilities that are used by the chief operating decision maker shall be reported for that segment. EFRAG is particularly concerned at the suggestion that this objective should be achieved by changing only the Basis for Conclusions.
IAS 38 Intangible Assets – Measuring the fair value of an intangible asset acquired in a business combination
The IASB proposes to amend the description of valuation techniques commonly used by entities when measuring the fair value of intangible assets acquired in a business combination that are not traded in active markets. EFRAG believes these proposed amendments attempt to clarify something that is already clear.
IAS 39 Financial Instruments – Recognition and Measurement – Bifurcation of an embedded foreign currency derivative
The IASB is proposing to replace the notion of a commonly used currency in IAS 39. EFRAG does not support the proposed amendments because they do not result in greater clarity.
Deadline for comments is 21 November 2008.
Draft comment letter
© EFRAG - European Financial Reporting Advisory Group
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article