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EFRAG final endorsement advice on on amendments to IAS 28

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

24 Apr 2018

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

A press release and the endorsement advice letter to the European Commission are available on the EFRAG website.  EFRAG has also updated its endorsement status report.

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