Alert: Post-implementation Review – IFRS 10, IFRS 11 and IFRS 12 (Jul 2021)

Date: July 21, 2021
Type: IFRS
Category: Alerts

Alert: Post-implementation Review – IFRS 10, IFRS 11 and IFRS 12            (Jul 2021)


The International Accounting Standards Board (“IASB”) is carrying out its Post-implementation Review of IFRS 10, Consolidated Financial Statements (“IFRS 10”), IFRS 11, Joint Arrangements (“IFRS 11”), and IFRS 12, Disclosure of Interests in Other Entities (“IFRS 12”).

The purpose of the Post-implementation Review is to assess the effects of IFRS 10, IFRS 11 and IFRS 12 on users of financial statements, preparers and auditors, and is a mandatory step in the IASB’s due process for new or singificantly amended IFRS standards. Specifically, the IASB aims to assess whether the requirements in the standards produce financial statements that faithfully represent an entity’s financial position and performance, if the information helps users make informed decisions, if there are areas in the standards that pose challenges and could result in inconsistent application, and if unexpected costs arise when applying the requirements of the standards.

This Post-implementation Review is being conducted in two phases. The first phase involved an identification and assessment of the matters to be examined further, including the publication of a Request for Information (“RFI”). The second phase involves the IASB considering the responses to the RFI, feedback from discussions with stakeholders and a review of relevant research on the effect on financial reporting of applying the standards and any next steps that need to be taken.

Request for Information

In December 2020, the IASB published the RFI on the Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12.

The RFI included ten questions that covered the respondent’s background, matters that the IASB decided to examine in phase one related to applying IFRS 10, IFRS 11 and IFRS 12, and any comments on other topics. The comment period for the RFI ended on May 10, 2021. 

At its July 21, 2021 meeting, the IASB discussed feedback received on the RFI from comment letters and outreach undertaken. The IASB is expected to decide what actions to take, if any, as a result of the Post-implementation Review in the first half of 2022. 


The full history of the IASB’s Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12, including related supporting materials, can be accessed here.

The history of the AcSB’s corresponding Post-implementation Review and related supporting materials can be accessed here.

This communication contains a general overview of the topic and is current as of July 21, 2021. This information is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional. Contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2021. All rights reserved.

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Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.