CESR has responded to EFRAG on EFRAG’s comments on the IASB Exposure Draft on consolidated financial statements. In general, CESR agrees with EFRAG in supporting the objective of a single standard which addresses the various issues relating to consolidation, and which sets out additional disclosures allowing investors to better understand the risks associated with structured entities. It would also support a single consolidation principle. Finally, it agrees with EFRAG’s proposals to improve disclosure in the short-term, while working on a longer-term global solution.