The UKEB draft UK Endorsement Criteria Assessment covers the following narrow scope amendments to IFRS Accounting Standards:

• Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and to IFRS Practice Statement 2 Making Materiality Judgements).
• Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors).
• Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes).

The UKEB secretariat's tentative initial assessment concludes that:

• the 2021 Amendments meet the criteria of relevance, reliability, comparability and understandability required of the financial information needed for making economic decisions and assessing the stewardship of management, as required by SI 2019/685 (see Regulation 7(1)(c)); and
• application of the 2021 Amendments is not contrary to the principle that an entity’s accounts must give a true and fair view as required by SI 2019/685 (see Regulation 7(1)(a)).

Additionally the UKEB tentatively concludes that the 2021 Amendments are likely to be conducive to the long-term public good in the UK.

Comments on the draft UK Endorsement Criteria Assessment are requested by 3 October 2022.

For more information, see the Invitation to Comment and draft UK Endorsement Criteria Assessment on the UKEB's website.