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EFRAG updates endorsement status report

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

31 Jan 2014

EFRAG has updated its Endorsement Status Report to reflect the fact that final endorsement advice has been published on 'Defined Benefit Plans: Employee Contributions' (Amendments to IAS 19 'Employee Benefits') and that the IASB has issued IFRS 14 'Regulatory Deferral Accounts'.

The IASB issued the amendments to IAS 19 in November 2013 to clarify the requirements that relate to how contributions from employees or third parties that are linked to service should be attributed to periods of service. EFRAG's assessment is that the amendments satisfy the technical criteria for EU endorsement and EFRAG therefore recommends their endorsement.

The IASB published IFRS 14 Regulatory Deferral Accounts on 30 January 2014. The Standard is intended to allow entities that are first-time adopters of IFRS, and that currently recognise regulatory deferral accounts in accordance with their previous GAAP, to continue to do so upon transition to IFRS. EFRAG currently expects endorsement of IFRS 14 in the first quarter of 2015.

The endorsement status report, dated 30 January 2014, is available here.

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