Position Paper

Position Paper

16 Pages · 2012 · 2.99 MB · English

This position paper sets out the final positions reached by the Accounting Standards Board (ASB) and the European Financial Reporting Advisory Group (EFRAG) as the final step in the due process on their Discussion Paper “Considering the Effects of Accounting Standards”. The ASB and EFRAG.

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JUNE 2 012 Considering the Effects of Accounting StandardsPOSITION PAPER i c a c Considering the Effects of Accounting Standards 2 Position Paper © Financial Reporting Council and European Financial Reporting Advisory Group (2012) This position paper sets out the nal positions reached by the Accounting Standards Board (ASB) and the European Financial Reporting Advisory Group (EFRAG) as the nal step in the due process on their Discussion Paper “Considering the Effects of Accounting Stan\ dards” The ASB and EFRAG have issued a Feedback Statement which is available at wwwefragorg The paper is produced by the UK standard setter, the ASB, and EFRAGThe main messages and recommendations in the position paper are also supported by the following standard setters in Europe: Cyprus, ICPAC Institute of Certi ed Public Accountants of Cyprus Denmark, FSR Danske Revisorer Estonia, EASB Eesti Raamatupidamise Toimkond Italy, OIC Organismo Italiano di Contabilità Malta, The Malta Institute of Accountants The Netherlands, RJ Raad voor de Jaarverslaggeving Poland, Polish Accounting Standards Committee Portugal, CNC Comissão de Normalização Contabilística Slovenia, Slovenski Institut za Revizijo Spain, ICAC Instituto de Contabilidad y Auditoría de Cuentas These bodies welcome the positions reached in the Position Paper as a contribution to in uencing the development of international nancial reporting standards, although they may not necessarily agree with all detailed comments Contents PURPOSE OF THIS REPORT 4 SECTION 1: Background 4 SECTION 2: The process of ‘effect analysis’ 5 SECTION 3: The concept of ‘effects’ 8 SECTION 4: Steps in performing effect analysis 11 SECTION 5: The practicalities of performing effect analysis 12 SECTION 6: Next steps 12 BIBLIOGRAPHY 13 ACKNOWLEDGEMENTS 15 Considering the Effects of Accounting StandardsPosition Paper 4 Purpose of this report This paper is intended to ref ect the f nal positions reached by the Accounting Standards Board (ASB) and the European Financial Reporting Advisory Group (EFRAG), following a period of consultation, with respect to the Discussion Paper ‘Considering the Effects of Accounting Standards’ A Feedback Statement analysing the comments received on the Discussion Paper is also issued by the ASB and EFRAG, and is available at wwwefragorg This paper is aimed at assisting standard setters to implement (or further embed) effect analysis within their due process, in a proportionate way, with the objective of strengthening the standard setting process SECTION 1: BACKGROUND 11 The issue of whether accounting standard setters should take account of the effects, or consequences, of the standards they develop has been a subject of debate for decades, although without satisfactory resolution The issue has become more prominent in recent years, and the term ‘effect analysis’ is gaining currency in standard setting The main aims of integrating (or further embedding) ‘effect analysis’ into the standard setting due process are to strengthen that process and enhance its transparency, to increase the accountability and credibility of the standard setter, and thus to contribute positively to delivering improved f nancial reporting 12 The requirement for an analysis of the anticipated effects of a new IFRS or a major amendment to an IFRS is included in the ‘Due Process Handbook for the IASB’ 1, as approved by the Trustees of the International Accounting Standards Committee Foundation 2 in October 2008 The IASB Conceptual Framework 3 should now also be updated to ref ect the use of ‘effect analysis’ 1 International Accounting Standards Committee Foundation (IASCF) (2008), Due Process Handbook for the IASB2 The International Accounting Standards Committee Foundation (IASCF) has since been renamed as the International Financial Reporting Standards Foundation (IFRS Foundation) 3 International Accounting Standards Board (IASB) (2010), Conceptual Framework for Financial Reporting 2010 Considering the Effects of Accounting StandardsPosition

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