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European Union formally adopts amendments to IFRS 11

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25 Nov 2015

The European Union has published a Commission Regulation endorsing the May 2014 amendments to IFRS 11 that clarify the accounting for acquisitions of an interest in a joint operation when the operation constitutes a business.

Commission Regulation (EC) No 2015/2173 of 24 November 2015 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 25 November 2015 adopts Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11) issued by the IASB in May 2014. The EU effective date is the same as the IASB's effective date (annual periods beginning on or after 1 January 2016 with earlier appication permitted).

EFRAG has updated its endorsement status report to reflect that the European Union has published Commission Regulations adopting Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41) (yesterday) and Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11) (today) for use in the European Union.

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