EFRAG has issued an invitation to comment relating to the endorsement for use in the EU of the amendments to IFRS 11: Accounting for Acquisitions of Interests in Joint Operations.
In May 2014, the IASB issued amendments to IFRS 11: Accounting for Acquisitions of Interests in Joint Operations. The guidance amends IFRS11 so that the acquirer of an interest in a joint operation in which the activity constitutes a business, as defined in IFRS 3 applies all of the principles of business combinations accounting in IFRS 3 and other IFRSs except for those principles that conflict with the guidance in IFRS 11 and discloses the information required by IFRS 3 and other IFRSs for business combinations.
EFRAG is consulting both on its assessment of these amendments against the technical criteria for the endorsement in the EU and on its initial assessment of the costs and benefits that would arise from their implementation and application in the EU.
Comments are requested by 16 July 2014.
Press release
© EFRAG - European Financial Reporting Advisory Group
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