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EFRAG has completed its due process regarding the ED of Proposed Amendments to IFRS 1 First-Time Adoption of International Financial Reporting Standards and IAS 27 Consolidated and Separate Financial Statements: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate and has submitted its final comment letter to the IASB.
EFRAG supports, with one exception, the main amendments to IFRS 1 and IAS 27 proposed in the ED.
EFRAG does not support the proposal that the receipt of a dividend from a subsidiary, jointly-controlled entity or associate of the reporting entity should always trigger an impairment test of the entity’s investment. In EFRAG's view requiring a mandatory impairment test every time such a dividend is received would be both unduly burdensome and unnecessary.
EFRAGs final CL on ED of amendments to IFRS 1 and IAS 27