European Union formally adopts amendments to IAS 1 and IAS 8

  • European Union Image

03 Mar, 2022

The European Union has published a Commission Regulation endorsing 'Disclosure of Accounting Policies' and 'Definition of Accounting Estimates' issued by the IASB in February 2021.

The IASB published the amendments to IAS 1 Presentation of Financial Statements and amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to clarify the differences between accounting policies and accounting estimates to ensure further consistent application of accounting standards and comparability of financial statements.

The amendments that revise IAS 1 also include amendments to IFRS Practice Statement 2 Making Materiality Judgements, however, as practice statements are not endorsed for application in the European Union those amendments have not been endorsed.

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 3 March 2022.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.