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09 November 2017

EU's formal adoption of several amendments of IFRS and IFRS 16


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The European Commission has published Regulations endorsing IFRS 16, amendments to IAS 12, amendments to IAS 7, clarifications to IFRS 15 and amendments to IFRS 4 in the Official Journal of the EU.


The EU has published a Commission Regulations endorsing IFRS 16, amendments to IAS 12, amendments to IAS 7, clarifications to IFRS 15 and amendments to IFRS 4 in the Official Journal of the EU.

Adoption of IFRS 16 Leases implies consequential amendments to the following standards or interpretations of standards: IFRS 1, IFRS 3, IFRS 4, IFRS 7, IFRS 9, IFRS 13, IFRS 15, International Accounting Standard (IAS) 1, IAS 2, IAS 7, IAS 12, IAS 16, IAS 21, IAS 23, IAS 32, IAS 37, IAS 38, IAS 39, IAS 40, IAS 41, Interpretation of International Financial Reporting Interpretations Committee (IFRIC) 1, IFRIC 12, Interpretation of Standing Interpretations Committee (SIC) 29 and SIC-32.

On 12 April 2016, the IASB published amendments to IFRS 15 Revenue from Contracts with Customers. The amendments aim to clarify some requirements and provide additional transitional relief for companies that are implementing the standard.

On 12 September 2016, the IASB published amendments to IFRS 4, Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (‘amendments to IFRS 4’). The amendments to IFRS 4 aim to address the temporary accounting consequences of the different effective dates of IFRS 9 and the new standard for insurance contracts replacing IFRS 4 (IFRS 17).

On 19 January 2016, the IASB published amendments to IAS 12 Income Taxes. The amendments aim to clarify how to account for deferred tax assets related to debt instruments measured at fair value.

On 29 January 2016, the IASB published amendments to IAS 7 Statement of Cash Flows. The amendments are intended to clarify IAS 7 to improve information provided to users of financial statements about an entity's financing activities.

Official Journal of the EU



© European Commission


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