EFRAG issues final endorsement advice on four amendments to IFRS Standards
29 Oct, 2020
The European Financial Reporting Advisory Group (EFRAG) has issued its final endorsement advice letters relating to the use in the European Union of four amendments to IFRS Standards affecting IFRS 1, IFRS 3, IFRS 9, IAS 16, IAS 37 and IAS 41.
The endorsement advice relates to the following narrow scope amendments to (the amendments):
- IAS 37 Provisions, Contingent Liabilities and Contingent Assets, Onerous Contracts — Cost of Fulfilling a Contract;
- IFRS 3 Business Combinations, Reference to the Conceptual Framework;
- IAS 16 Property, Plant and Equipment, Proceeds before Intended Use; and
- Annual Improvements to IFRS Standards 2018–2020, which amends IAS 41, IFRS 16, IFRS 1 and IFRS 9.
EFRAG recommends the endorsement of the Amendments. EFRAG’s assessment is that the Amendments meet all the technical endorsement criteria of the IAS Regulation and are conducive to the European public good.
A press release and the endorsement advice letters to the European Commission are available on the EFRAG website. EFRAG has also updated its endorsement status report.
Related Topics
- Conceptual Framework for Financial Reporting 2018
- IAS 16 — Property, Plant and Equipment
- IAS 37 — Provisions, Contingent Liabilities and Contingent Assets
- IAS 41 — Agriculture
- IFRS 1 — First-time Adoption of International Financial Reporting Standards
- IFRS 3 — Business Combinations
- IFRS 9 — Financial Instruments
- IFRIC 21 — Levies
