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ARC recommends delayed use of IFRIC 12 in EU

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11 Nov 2008

The European Commission's Accounting Regulatory Committee (ARC) met on 6 November 2008.

While the official summary record of the meeting has not yet been posted on the EC website, observers at the meeting have indicated that the ARC reached the following decision with respect to IFRIC 12 Service Concession Arrangements: The European Commission should endorse IFRIC 12 for mandatory use in Europe starting in 2010. The IASB's effective date for IFRIC 12 was annual periods beginning on or after 1 January 2008. More specifically, the ARC recommended that IFRIC 12 should be mandatory for an EU company's first financial year that begins after formal endorsement by the Commission. If endorsement happens, as expected, in January 2009, that would mean that IFRIC 12 would be effective in Europe in 2010. The ARC recommended that early application be permitted.

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