EFRAG's Invitation to Comment on its initial assessments of the Amendments to IFRS 1
08 September 2009
The first amendment is a deemed cost exemption for certain oil and gas assets and the second is for a reassessment of a lease determination under certain circumstances.
EFRAG is consulting both on its initial assessment of the Amendments against the EU endorsement criteria and on its assessment of the costs and benefits that would arise from their implementation in the EU.
The Amendments provide two additional exemptions. The first is a deemed cost exemption for certain oil and gas assets and the second is an exemption for a reassessment of a lease determination under certain circumstances.
EFRAG's initial assessment is that the Amendments meet the criteria for endorsement in the EU.
Deadline for comments is 7 October 2009
© EFRAG - European Financial Reporting Advisory Group
