EFRAG issues draft endorsement advice and effects study report on the Annual Improvements to IFRSs 2012-2014 Cycle
24 Oct, 2014
The European Financial Reporting Advisory Group (EFRAG) has issued for comment its draft endorsement advice for the use of the Annual Improvements to IFRSs 2012-2014 Cycle in the European Union (EU). EFRAG has also issued its Effects Study Report.
The International Accounting Standards Board (IASB) published 'Annual Improvements to IFRSs 2012–2014 Cycle' in September 2014.
The improvements affect IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, IFRS 7 Financial Instruments: Disclosures, IAS 19 Employee Benefits, and IAS 34 Interim Financial Reporting.
EFRAG supports the adoption of these improvements and recommends their endorsement. EFRAG’s initial assessment is that these improvements meet the technical requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards.
EFRAG’s conclusion is supported by an Effects Study Report which considers the costs and benefits of implementing these improvements. EFRAG’s assessment is that the benefits for preparers and users in implementing these improvements outweigh the costs.
Comments are requested by 24 November 2014.
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