ARC supports IFRIC 7, IAS 21 amendments

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22 Feb 2006

At its meeting on 17 February 2006, the European Commission's Accounting Regulatory Committee recommended that the Commission endorse the following pronouncements for use in Europe: IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies, issued 24 November 2005 Amendment to IAS 21 for Net Investment in a Foreign Entity issued 15 December 2005 The Commission is expected to consider these two items for endorsement in April or May 2006. The one pronouncement awaiting an ARC recommendation is IFRIC 8 Scope of IFRS 2, issued 12 January 2006. ARC is expected to vote in May 2006, with Commission action during the summer.

EFRAG has updated its Endorsement Status Report accordingly.

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