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UK adopts IFRS amendments for IBOR Phase 2 and amendments to IFRS 4

  • UK Endorsement Board (UKEB) Image

07 Jan 2021

After the end of the transition period on 31 December 2020, the UK ceased to apply EU law. IFRS Standards as adopted by the EU were brought into UK law, meaning that EU-IFRS for UK companies was effectively frozen at that point and a new mechanism for UK adoption of IFRS Standards came into effect.

The Secretary of State for Business, Energy and Industrial Strategy (BEIS), who has been given the power of endorsing and adopting international accounting standards while the UK Endorsement Board (UKEB) is still being established, has now adopted amendments to IFRS Standards for:

The endorsement criteria assessment and adoption statement for IBOR Phase 2 and the endorsement criteria assessment and adoption statement for amendments to IFRS 4 are available on the UK Endorsement Board (UKEB) website. 

The UKEB has also updated its adoption statement report which is available on its website here.

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