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EU formally adopts amendments to IFRS 1 and IFRS 7

Jul 01, 2010

The European Union has published the Commission Regulation (EC) No 574/2010 (Amendment to IFRS 1 Limited Exemption from Comparative IFRS 7 Disclosure for First-time Adopters and Amendment to IFRS 7 Financial Instruments: Disclosures) endorsing the amendments adopted by the IASB on 29 January 2010.

Last week the European Union published the Commission Regulation (EC) No 550/2010 (Amendments to IFRS 1 Additional Exemptions for First-time Adopters) endorsing the amendments adopted by the IASB on 23 July 2009. Thus currently only five IASB pronouncements await endorsement action.