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We are supportive of the Board’s timely efforts towards meeting the information needs of users of financial statements by enhancing the transparency about the use of supplier finance arrangements and its impact to an entity’s liabilities and cashflows.
We note that the proposals in the ED are intended to complement the IFRS Interpretations Committee’s agenda decision titled Supply Chain Financing Arrangements – Reverse Factoring published in December 2020 and we agree with this approach. The addition of an overall disclosure objective and specific disclosure requirements in IAS 7 Statement of Cash Flows will help users of financial statements to assess the effects of supplier finance arrangements on an entity’s liabilities and cash flows. Having said that, we have received feedback from preparers on the practical challenges they will face in obtaining the required information for the proposed disclosures in the ED.
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