UK Endorsement Board publishes joint draft Endorsement Criteria Assessment on Amendments to IAS 1

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10 Mar, 2023

The UK Endorsement Board (UKEB) has published a joint draft Endorsement Criteria Assessment (DECA) which assesses whether two amendments to IAS 1 meet the UK's statutory requirements for adoption of IFRS as set out in Statutory Instrument 2019/685.

The UKEB joint draft Endorsement Criteria Assessment covers the following amendments to IAS 1 Presentation of Financial Statements:

The UKEB's draft assessment concludes that:

  • the 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 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 concludes that the Amendments are likely to be conducive to the long-term public good in the UK.

Comments on the joint draft Endorsement Criteria Assessment are requested by 8 June 2023.

For more information see the Invitation to Comment and joint draft Endorsement Criteria Assessment on the UKEB website.

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