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EFRAG issues draft endorsement advice on amendments to IAS 28

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

18 Dec 2017

The European Financial Reporting Advisory Group (EFRAG) has issued for comment its draft endorsement advice for the use of 'Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28)' in the European Union (EU).

In October 2017 the International Accounting Standards Board (IASB) published Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) to clarify that an entity applies IFRS 9 Financial Instruments including its impairment requirements to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied.

EFRAG recommends the endorsement of the amendments. 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 16 February 2018.

For more information, see the press release, draft endorsement advice letter and the invitation to comment on the EFRAG’s website. EFRAG has also updated its endorsement status report that is available here.

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