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European Union formally adopts amendments resulting from the 2014-2016 cycle of annual improvements

  • European Union Image

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
Reporting Standards

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.

Correction list for hyphenation

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