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EFRAG updated endorsement status report includes newly issued amendments to IAS 16 and IAS 38

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

12 May 2014

The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report to include 'Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)' providing additional guidance on how the depreciation or amortisation of property, plant and equipment and intangible assets should be calculated.

The IASB issued the amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets on 12 May 2014. They are effective for annual periods beginning on or after 1 January 2016, with earlier application being permitted. The updated status report indicates that final endorsement of the amendments for use in the European Union is currently expected in the first quarter of 2015.

The endorsement status report, dated 12 May 2014, is available here.

Correction list for hyphenation

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