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

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07 Apr, 2017

The European Financial Reporting Advisory Group (EFRAG) has issued its 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 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.

The EFRAG press release regarding this, including endorsement advice letter are available on the EFRAG website.  

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

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