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European Union formally adopts Annual Improvements to IFRS - Cycle 2010-2012 and amendments to IAS 19

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09 Jan 2015

The European Union has published Commission Regulations endorsing 'Annual Improvements to IFRSs 2010–2012 Cycle' and 'Defined Benefit Plans: Employee Contributions (Amendments to IAS 19)'.

Commission Regulation (EC) No 2015/28 of 17 December 2014 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council published in the Official Journal on 9 January 2015 adopts Annual Improvements to IFRSs 2010–2012 Cycle issued by the IASB in December 2013.

The amendments impacted seven standards:

  • IFRS 2 Share-based Payment,
  • IFRS 3 Business Combinations,
  • IFRS 8 Operating Segments,
  • IFRS 13 Fair Value Measurement (changes to the Basis for Conclusions only, so not part of the EU endorsement),
  • IAS 16 Property, Plant and Equipment,
  • IAS 24 Related Party Disclosures, and
  • IAS 38 Intangible Assets.

Commission Regulation (EC) No 2015/29 of 17 December 2014 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council published in the Official Journal on 9 January 2015 adopts Defined Benefit Plans: Employee Contributions (Amendments to IAS 19) issued by the IASB in November 2013. The amendments 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.

All amendments are effective in the EU for annual periods beginning on or after 1 February 2015, however, earlier application is permitted so EU companies can adopt in accordance with the IASB effective date (1 July 2014).

Note: The European Financial Reporting Advisory Group (EFRAG) has updated its endorsement status report to reflect the adoptions.

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