UK Endorsement Board publishes draft UK Endorsement Criteria Assessment on three narrow scope amendments to IFRS Accounting Standards

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07 Jul 2022

The UK Endorsement Board (UKEB) has published a draft UK Endorsement Criteria Assessment which assesses whether three narrow scope amendments to IFRS Accounting Standards ('the 2021 Amendments') meet the UK's statutory requirements for adoption of IFRS as set out in Statutory Instrument 2019/685.

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

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.

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