EFRAG issues endorsement advice on amendments to IAS 40
07 Apr, 2017
The European Financial Reporting Advisory Group (EFRAG) has issued its endorsement advice for the use of 'Transfers of Investment Property (Amendments to IAS 40)' in the European Union (EU).
In December 2016, the IASB issued the amendments to IAS 40 to clarify transfers of property to, or from, investment property.
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.
