ARC recommends endorsement of IFRICs 8 and 9

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26 Apr 2006

At its meeting on 24 April 2006, the European Commission's Accounting Regulatory Committee recommended that the Commission endorse IFRIC 8 Scope of IFRS 2 and IFRIC 9 Reassessment of Embedded Derivatives for use in Europe.

The Commission is expected to consider those two Interpretations during the summer of 2006. The two other pronouncements awaiting Commission action are IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies and the December 2005 Amendments to IAS 21. The Commission is expected to act on those in May or June. The European Financial Reporting Advisory Group has updated its Endorsement Status Report (PDF 38k) to reflect the foregoing.

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