BDO submits comment letter on the draft updates to the IFRIC agenda decision for IFRS 18
BDO submits comment letter on the draft updates to the IFRIC agenda decision for IFRS 18
BDO submitted its comment letter on the draft updates to the IFRS Interpretation Committee (IFRIC) agenda decision for IFRS 18 Presentation and Disclosures in Financial Statements. The IFRS 18 agenda decision amends earlier agenda decisions pertaining to IAS 1 Presentation of Financial Statements, by updating prior references from IAS 1 to IFRS 18.
BDO supports the objective of the International Accounting Standards Board (IASB) to ensure that the IFRIC agenda decisions remain relevant as a consequence of new and amended IFRS Accounting Standards. BDO however expresses concern that the proposed updates to IFRIC agenda decisions for IFRS 18 may compromise factual accuracy by retroactively referencing to requirements that did not exist at the time when the original agenda decision was released, and urges that only amendments reflecting direct equivalence between old and new standards be made without following a full due process.
The comment letter may be accessed here.
BDO supports the objective of the International Accounting Standards Board (IASB) to ensure that the IFRIC agenda decisions remain relevant as a consequence of new and amended IFRS Accounting Standards. BDO however expresses concern that the proposed updates to IFRIC agenda decisions for IFRS 18 may compromise factual accuracy by retroactively referencing to requirements that did not exist at the time when the original agenda decision was released, and urges that only amendments reflecting direct equivalence between old and new standards be made without following a full due process.
The comment letter may be accessed here.