EFRAG updated endorsement status report includes newly issued amendments to IFRS 11
09 May 2014
The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report to include 'Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11)' clarifying the accounting for acquisitions of an interest in a joint operation when the operation constitutes a business.
The IASB issued the amendments to IFRS 11 Joint Arrangements on 6 May 2014. They are effective for annual periods beginning on or after 1 January 2016, with earlier application being permitted. The updated status report indicates that final endorsement of the amendments for use in the European Union is currently expected in the first quarter of 2015.
The endorsement status report, dated 9 May 2014, is available here.
