18 April 2007 — Consultation Response

EFRAG draft comment letter to IASB on ED of Proposed amendments to IFRS 1 First-time Adoption of IFRS: Cost of an Investment in a Subsidiary

FEE welcomes the support expressed by EFRAG for the ED constituting relief from certain requirements of IAS 27 “Consolidated and Separate Financial Statements” on first-time adoption of IFRS, in particular in circumstances where it can be burdensome to determine the cost amount for an investment in a subsidiary. We appreciate the Board’s proposals to grant some relief from particular requirements of IAS 27 in the first separate financial statements of a parent. We also welcome the proposal to provide relief from restating the subsidiary’s accumulated profits at the acquisition date in accordance with IFRS.

Related files:
Comment Letter to Mr. Stig Enevoldsen, Chairman of EFRAG TEG