This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

EFRAG issues draft endorsement advice on the annual improvements to IFRSs 2014-2016 cycle

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

08 Feb 2017

The European Financial Reporting Advisory Group (EFRAG) has issued for comment its draft endorsement advice for the use of the amendments contained within ‘Annual Improvements to IFRS Standards 2014 – 2016 Cycle’ in the European Union (EU).

Annual Improvements to IFRS Standards 2014 – 2016 Cycle was published by the International Accounting Standards Board (IASB) in December 2016.  The pronouncement contains amendments to three International Financial Reporting Standards (IFRSs) (IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 12 Disclosure of Interests in Other Entities and IAS 28 Investments in Associates and Joint Ventures) as a result of the IASB's annual improvements project. 

EFRAG supports the adoption of the amendments and recommends their endorsement.  EFRAG’s initial assessment is that the amendments 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 also considers that the overall benefits of the amendments are likely to outweigh the associated costs to implement them. 

Comments are requested by 17 March 2017. 

EFRAG has also updated its endorsement status report to reflect the issuance of the draft endorsement advice. 

The EFRAG press release regarding this, including draft endorsement advice and the invitation to comment, is available on the EFRAG website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.