European Union formally adopts amendments resulting from the 2014-2016 cycle of annual improvements
08 Feb, 2018
The European Union has published a Commission Regulation endorsing 'Annual Improvements to IFRS Standards 2014–2016 Cycle'.
The amendments affect the following standards:
IFRS | Subject of amendment |
---|---|
IFRS 1 First-time Adoption of International Financial |
Deleted the short-term exemptions in paragraphs E3–E7 of IFRS 1, because they have now served their intended purpose |
IFRS 12 Disclosure of Interests in Other Entities |
Clarified the scope of the standard by specifying that the disclosure requirements in the standard, except for those in paragraphs B10–B16, apply to an entity’s interests listed in paragraph 5 that are classified as held for sale, as held for distribution or as discontinued operations in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations |
IAS 28 Investments in Associates and Joint Ventures |
Clarified that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that is a venture capital organisation, or other qualifying entity, is available for each investment in an associate or joint venture on an investment-by-investment basis, upon initial recognition |
The European Union effective date is the same as the IASB in case of all amendments.
The Commission Regulation 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 was published in the Official Journal of the European Union on 8 February 2018.
As a result of the EU's adoption, the EFRAG has updated its endorsement status report.