The proposed improvements to the IFRSs as issued in May this year are relatively small, EFRAG notes. However, EFRAG believes that two improvements to IAS 34 and IFRS 1 will have a noticeable effect on the quality of the information provided.
EFRAG is today issuing an invitation to comment relating to the endorsement for use in the EU of the Improvements to IFRSs (Amendments). It is consulting both on its assessment of the Amendments against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from its application in the EU. Comments are requested by 17 June 2010The Improvements to IFRSs issued in May 2010 introduces various Amendments to existing International Financial Reporting Standards.
EFRAG's initial assessment is that the Amendments meet the criteria for endorsement in Europe.
The Amendments are likely to result in improvements in the quality of the information provided. Taken individually, most of these improvements are likely to be relatively small; however, EFRAG believes that two amendments, IAS 34 Interim Financial Reporting – Significant events and transactions and IFRS 1 First-Time Adoption of IFRSs – Revaluation basis as deemed cost and Use of deemed cost for operations subject to rate regulation, will have a noticeable effect on the quality of the information provided.
EFRAG’s initial assessment is that the benefits arising from the implementation of the Amendments in the EU are likely to outweigh the costs involved.
Deadline for comments is 17 June 2010.
© EFRAG - European Financial Reporting Advisory Group
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