Posted by & filed under Financial Reporting.

28 September 2015

G100’s submission to IASB on ED/2015/7 Effective date of amendments to IFRS 10 and IAS 28.


Mr H. Hoogervorst
International Accounting Standards Board
30 Cannon Street
London EC 4M 6XH


Dear Mr Hoogervorst

ED/2015/7 Effective date of amendments to IFRS 10 and IAS 28

The Group of 100 (G100) is an organization of chief financial officers from Australia’s largest business enterprises with the purpose of advancing Australia’s financial competitiveness. The G100 is pleased to provide comment on this Exposure Draft.


The IASB proposes to defer indefinitely the effective date of ‘Sale or contribution of assets between an investor and its associate or joint venture’ until such time as it has finalised amendments, if any, that result from its research project on the equity method.  Earlier application would continue to be permitted.

Do you agree with this proposal?  Why or why not?

The G100 considers that the indefinite deferral of the proposed amendments is not necessary as the outcome of the research project on equity accounting is likely to be several years away.  Accordingly, we consider that the removal of the inconsistency between IFRS 10 and IAS 28 should be applicable from 1 January 2016.

It seems incongruous to propose indefinite deferral while permitting early adoption of the amendments to IFRS 10 and IAS 28 as those amendments were to address an inconsistency between the Standards and to remove diversity in practice.

Yours sincerely
Group of 100 Inc


Neville Mitchell


View PDF: Submission to IASB: ED/2015/6 Clarifications to IFRS 15