Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12—Conclusion

The International Accounting Standards Board (IASB) has today published a Project Report and Feedback Statement concluding its Post-implementation Review (PIR) of the following accounting standards:

• IFRS 10 Consolidated Financial Statements;
• IFRS 11 Joint Arrangements; and
• IFRS 12 Disclosure of Interests in Other Entities.

Feedback from stakeholders and research undertaken as part of the PIR shows that the requirements set out in the Standards are working as intended and that application of the requirements did not give rise to unexpected costs.

Based on the evidence gathered the IASB assessed that none of the matters arising from the PIR were of high or medium priority.

Five topics were identified as low priority and these could be explored if they are judged to be of high priority in the next agenda consultation. The five topics are:

• subsidiaries that are investment entities;
• transactions that change the relationship between an investor and an investee;
• transactions that involve ‘corporate wrappers’;
• collaborative arrangements outside the scope of IFRS 11; and
• additional disclosures about interests in other entities.

Stakeholders requiring further guidance are encouraged to submit questions to the IFRS Interpretations Committee, provided that these questions meet the submission criteria.

The IASB conducted this PIR process from 2019 to 2022. It sought feedback from companies, investors, auditors, standard-setters, regulators and academics. More than 35 meetings were held to consult with stakeholders and other consultative bodies in the second phase of the PIR.

Download the Project Report and Feedback Summary Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12.