CESR supports the main parts of the EFRAG comment letter but has some comments with regard to issues such as the urgency of the suggested disclosures and on backdating.
CESR supports the main parts of the EFRAG comment letter but has some comments with regard to issues such as the urgency of the suggested disclosures and on backdating.
The main issue raised by EFRAG in its comment letter is whether IASB should continue with this exposure draft as a matter of urgency. CESR opposes EFRAG’s view that none of the suggested disclosures are a matter of such urgency and strongly recommends the suggested disclosures for available for sale items is stated as a matter of urgency.
Also the backdating of the effective date to 2008 would be nearly impossible for European issuers to comply with as the financial statements for 2008 will be published before this exposure draft is finalised, translated and endorsed in the EU. CESR would therefore recommend setting the effective date to 1 January 2009 with earlier application permitted.
Letter to EFRAG
© CESR - Committee of European Securities Regulators
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