EFRAG has submitted its endorsement advice relating to Amendments to References to the Conceptual Framework in IFRS Standards ('the Amendments') for use in the EU and EEA to the EC.
The Amendments were issued in March 2018. The Amendments update some of the references and quotations in IFRS Standards and Interpretations so that they refer to the revised Conceptual Framework or specify the version of the Conceptual Framework to which they refer.
The Amendments shall be applied for annual periods beginning on or after 1 January 2020. Earlier application is permitted if the entity applies all the amendments. The Amendments shall be applied retrospectively unless this would be impracticable or would involve undue cost or effort.
EFRAG assesses that the Amendments meet all technical endorsement criteria of the IAS Regulation and are conducive to the European public good. It therefore recommends their endorsement. EFRAG's recommendation is explained in the letter to the European Commission and the accompanying appendices.
Full press release
EFRAG's endorsement advice
© EFRAG - European Financial Reporting Advisory Group
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