EFRAG is consulting on both its assessment of Annual Improvements to IFRS Standards 2015–2017 Cycle against the technical criteria in the EU and on its assessment of whether those amendments are conducive to the European public good.
EFRAG has issued a draft endorsement advice letter and a separate invitation to comment relating to the endorsement for use in the EU of Annual Improvements to IFRS Standards 2015–2017 Cycle ('the Amendments').
The Amendments were issued in December 2017 and reflect the issues discussed by the IASB during the project cycle that began in 2015, and published in Exposure Draft ED/2016/1 Definition of a Business and Accounting for Previously Held Interests and Exposure Draft ED/2017/1 Annual Improvements to IFRS Standards 2015- 2017 Cycle. The Amendments become effective for annual periods beginning on or after 1 January 2019 and clarify some of the requirements of IFRS 3 Business Combinations, IFRS 11 Joint Arrangements, IAS 12 Income Taxes, and IAS 23 Borrowing Costs. Earlier application of the Amendments is permitted.
EFRAG's overall preliminary assessment is that the Amendments satisfy the criteria for endorsement for use in the EU and therefore recommends their endorsement. EFRAG is seeking comments on all aspects of its analyses supporting its preliminary conclusions. Comments are requested by26 February 2018.
Full press release
Full draft endorsement advice letter
© EFRAG - European Financial Reporting Advisory Group
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