European Union formally adopts updated references to the Conceptual Framework

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06 Dec, 2019

The European Union has published a Commission Regulation endorsing 'Amendments to References to the Conceptual Framework in IFRS Standards'.

The following standards and interpretations are affected by the amendments published by the IASB in March 2018:

  • IAS 1 Presentation of Financial Statements
  • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  • IAS 34 Interim Financial Reporting
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • IAS 38 Intangible Assets
  • IFRS 2 Share-based Payment
  • IFRS 3 Business Combinations
  • IFRS 6 Exploration for and Evaluation of Mineral Resources
  • IFRIC 12 Service Concession Arrangements
  • IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
  • IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
  • IFRIC 22 Foreign Currency Transactions and Advance Consideration
  • SIC-32 Intangible Assets — Web Site Costs

The European Union effective date is the same as the IASB in case of all amendments (1 January 2020).

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 6 December 2019.

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