European Union formally adopts amendments to IAS 1

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21 Dec 2015

The European Union has published a Commission Regulation endorsing the December 2014 amendments to IAS 1 that clarify the standard to address perceived impediments to preparers exercising their judgement in presenting their financial reports.

Commission Regulation (EC) No 2015/2406 of 18 December 2015 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 published in the Official Journal on 19 December 2015 adopts Disclosure Initiative (Amendments to IAS 1) issued by the IASB in December 2014. The EU effective date is the same as the IASB's effective date (annual periods beginning on or after 1 January 2016 with earlier appication permitted).

In addition, the EU's endorsement is reflected in the updated EFRAG IFRS endorsement status report.

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