Exposure draft user questionnaire
On 26 April 2010 the International Accounting Standards Board (IASB) produced a questionnaire for financial statement users on its November 2009 exposure draft on the amortised cost measurement and impairment of financial assets.
The IASB requests that investors and analysts complete the questionnaire to provide input on the proposals in the exposure draft on amortised cost and impairment. This questionnaire, targeted at investors and analysts, forms part of a comprehensive programme of outreach activities to all IFRS constituents.
Two versions of the questionnaire are available for completion: an abridged version and a comprehensive version.
The abridged version has 15 questions and is in an easy-to-use survey format.
The comprehensive version contains detailed examples and asks for comprehensive responses about the proposal.
Respondents are asked to complete the version that is most appropriate for their level of technical expertise and understanding of the topic. Please complete only one version.
We also encourage all users of financial statements to submit a public comment letter to the exposure draft by 30 June 2010.
One issue the questionnaire addresses is how a change in loss expectations should be treated. On 29 April 2010, IASB staff provided an explanation and example to respond to the common question about why the ED proposes that initial credit loss estimates are included in the effective interest rate calculation, and thus considered over the life of a financial asset, while the effect of changes in those initial credit loss estimates are recognised in P&L at the time that the change in estimate occurs (as a ‘catch-up adjustment’). Click here to review this information before completing the questionnaire.
In addition, Board member Stephen Cooper’s views on impairment (posted on our investor webpage) are relevant to this question. Click here to view this information.
Questionnaire deadline
Responses to the survey must be received by 30 June 2010.
How to submit a response
Abridged version - click here to preview the abridged version prior to completion, and then click here to complete the abridged version (this link will take you to a different website where the survey is hosted). It is expected that the survey will take about 30 minutes to complete, given a basic understanding of the proposal in the exposure draft.
Comprehensive version - for the comprehensive version of the questionnaire, please click here to download an excel workbook, which contains detailed examples and questions about the proposed approach. The file is password protected for security purposes. Please open a read only version of the file and save it to your computer for completion.
If you require further assistance or clarification in completing the comprehensive survey please contact ECFsurvey@iasb.org. Upon completion, please email the completed excel workbook to ECFsurvey@iasb.org.