18 April 2007 — Consultation Response
FEE welcomes the support expressed by EFRAG for the ED constituting relief from certain requirements of IAS 27 âConsolidated and Separate Financial Statementsâ 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 Boardâs 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 subsidiaryâs accumulated profits at the acquisition date in accordance with IFRS.
Comment Letter to Mr. Stig Enevoldsen, Chairman of EFRAG TEG