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17 Dec. 2020

AASB Invitation to Comment ITC 43 Request for Comment on IASB Request for Information on Post-implementation Review–IFRS 10, 11 and 12

What is your experience applying the standards for group accounting? Your feedback is requested to inform the Post- implementation Review  of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities.

Post implementation reviews are part of the IASB’s due process and help the IASB assess the effects of requirements on users of financial statements, preparers and auditors. In particular, the IASB aims to assess whether:

(a)  an entity applying the requirements in a Standard produces financial statements that faithfully portray the entity’s financial position and performance, and whether this information helps users of financial statements to make informed economic decisions;

(b)  areas of the Standard pose challenges;

(c)  areas of the Standard could result in inconsistent application; and

(d) unexpected costs arise when applying or enforcing the requirements of the Standard, or when using or auditing information the Standard requires an entity to provide.

The Australian Accounting Standards Board’s (AASB’s) policy is to incorporate International Financial Reporting Standards (IFRS Standards) into Australian Accounting Standards applicable to for-profit and not-for-profit entities in the private sector or the public sector.  Accordingly, the AASB is inviting comments on any of the questions listed in the Questions for Respondents section of the IASB Request for Information. 

Please have your say and send your comments to the AASB by 15 March 2021 via the AASB website, LinkedIn or email to