Consultation response

5 June 2007

IASB 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 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

 

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