Field test on the IASB’S ED/2019/7 General Presentation and Disclosures

On 6 March 2020, EFRAG called for participation in the field-testing on the IASB’s ED/2019/7 General Presentation and Disclosures.

EFRAG, in close coordination with European National Standard Setters and the IASB, will conduct field-testing of the IASB proposals included in the Exposure Draft ED/2019/7 General Presentation and Disclosures, which have been published in December 2019.

The purpose of the field-testing is to identify potential implementation and application concerns, determine whether there is a need for additional guidance and estimate the effort required to implement and apply the proposals.

Participants will be asked to prepare/complete: 

• the statement of profit or loss and the statement of cash flows before and after applying the IASB proposals to simulate the application of the proposals in the Exposure Draft,
• selected note disclosures affected by the proposals, and
• questionnaires prepared by the IASB and EFRAG.

Applications are welcome by 20 March 2020.

Participants will be invited to run the simulation exercise in March and April 2020. The findings of the participants will be discussed in workshops in April and May 2020.

In the end, EFRAG will prepare feedback statements from the workshops and publish them in its website. Any information released publicly about the results of the fieldwork will not allow readers to identify data about individual participants.

From the ASCG’s point of view, this is a good way of addressing the challenges of implementing the IASB’s proposals from a company perspective. We therefore support the call and would welcome to have a large number of German companies being involved in the field test to ensure an appropriate representation of our constituency.