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European Union formally adopts May 2020 amendments

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02 Jul 2021

The European Union has published a Commission Regulation endorsing four pronouncements issued by the IASB in May 2020.

The amendments are Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16), Annual Improvements to IFRS Standards 2018–2020, Reference to the Conceptual Framework (Amendments to IFRS 3), and Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37), all published by the IASB on 14 May 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 2 July 2021.

EFRAG has updated its endorsement status report to reflect that the European Union has adopted the amendments.

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