Updated EFRAG endorsement status report includes newly issued amendments to IAS 16 and IAS 41
30 Jun 2014
The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report to include 'Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)' bringing bearer plants into the scope of IAS 16.
The IASB issued the amendments to IAS 16 Property, Plant and Equipment and IAS 41 Agriculture on 30 June 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 30 June 2014, is available here.