5 June 2007 — Consultation Response
FEE welcomes the support expressed by EFRAG for the ED constituting relief from certain requirements of IAS 27 ‘Consolidated and Seperate 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.
Comment Letter to Sir David Tweedie