EFRAG Comments on IASB’s Annual Improvements

EFRAG Comments on IASB’s Annual Improvements

By Prathamesh 17 November, 2023

EFRAG has published a draft comment letter regarding the IASB’s Exposure Draft IASB/AI/ED/2023/1 Annual Improvements—Volume 11, open for comments until 28 November 2023.

The IASB’s draft suggests limited amendments to several IFRS Accounting Standards and accompanying guidance, focusing on areas like hedge accounting, gain or loss on derecognition, and financial instruments accounting.

EFRAG generally supports the proposed improvements, believing they will enhance consistency and clarity in applying IFRS standards. However, EFRAG differs with the IASB on changes to lease liability derecognition (IFRS 9) and recommends clarifying the interaction between IFRS 9 and IFRS 16 in a narrower project.

To find out more details please visit : https://www.efrag.org/