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European Union formally adopts investment entities amendments

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21 Nov 2013

The European Union has published a Commission Regulation endorsing 'Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)'.

The European Union has published the Commission Regulation (EC) No 1174/2013 of 20 November 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 21 November 2013. This regulation adopts the amendments made by the IASB in October 2012 providing an exemption from consolidation of subsidiaries under IFRS 10 Consolidated Financial Statements for entities which meet the definition of an 'investment entity'.

The amendments have been given an effective date of 1 January 2014 but can be applied earlier (this is the same effective date the IASB has given the amendments).

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