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European Union formally adopts Annual Improvements 2009-2011

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28 Mar 2013

The European Union has published a Commission Regulation endorsing the amendments made by the International Accounting Standards Board (IASB) 'Annual Improvements 2009-2011 Cycle'.

The European Union has published the Commission Regulation (EC) No 301/2013 of 27 March 2013 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council in the Official Journal on 28 March 2013. This regulation adopts the amendments made by the IASB's Annual Improvements to IFRSs 2009-2011 cycle (issued 17 May 2012) into European law.

The improvements made by the IASB address areas of inconsistencies and adds clarification to IFRSs, namely IFRS 1, IAS 1, IAS 16, IAS 32, IAS 34, and IFRIC 2. The Technical Expert Group of the European Financial Reporting Advisory Group has confirmed that the improvements meet the technical criteria for adoption.

The amendments must be applied, at latest, to annual periods beginning on or after 1 January 2013.

More information on the IASB's Annual Improvements to IFRSs 2009-2011 is available on our project page.

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