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FRC responds to IASB Exposure Draft Annual Improvements to IFRSs 2011 – 2013 Cycle
Financial Reporting Council
Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH
14 February 2013
Dear Hans
IASB Exposure Draft Annual Improvements to IFRSs 2011 – 2013 Cycle
I am writing on behalf of the Financial Reporting Council in response to the above Exposure Draft (ED).
The FRC's responses to the questions set out in the Invitation to Comment in the ED are included as an appendix to this letter. In summary, the FRC supports the proposed amendments to International Financial Reporting Standards (IFRSs) as part of the annual improvements project. However, the FRC would like to draw the IASB's attention to one detailed comment regarding the proposed amendment to IFRS 1 as set out in the appendix.
If you would like to discuss these comments, please contact Mei Ashelford on 020 7492 2420 or [email protected] or myself.
Yours sincerely
Roger Marshall Chair of the Accounting Council DD: 020 7492 2434 Email: [email protected]
Aldwych House, 71-91 Aldwych, London WC2B 4HN Tel: +44 (0)20 7492 2300 Fax: +44 (0)20 7492 2399 www.frc.org.uk The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered office: as above.
Appendix
FRC responses to the general questions in the IASB Exposure Draft Annual Improvements to IFRSs 2011 – 2013 Cycle
Question 1
Do you agree with the IASB's proposal to amend the Standard as described in the Exposure Draft? If not, why and what alternative do you propose?
FRC response:
1Overall, the FRC agrees with the amendments proposed to: * IFRS 3 Business Combinations; * IFRS 13 Fair Value Measurement; and * IAS 40 Investment Property.
2With respect to the proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, the FRC agrees that clarification on this point is required, but are reluctant to support the proposed amendments to the Basis of Conclusions alone. The FRC believes that if clarification is required, the standard itself should be amended.
Question 2
Do you agree with the proposed transitional provisions and effective date for the issue as described in the Exposure Draft? If not, why and what alternative do you propose?
FRC response:
3The FRC agrees with the proposed effective date for the proposals in the ED. The FRC also agrees with the proposed transitional provisions.