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European Union formally adopts amendments to IAS 16 and IAS 38

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03 Dec 2015

The European Union has published a Commission Regulation endorsing the May 2014 amendments to IAS 16 and IAS 38 that provide additional guidance on how the depreciation or amortisation of property, plant and equipment and intangible assets should be calculated.

Commission Regulation (EC) No 2015/2231 of 2 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 3 December 2015 adopts Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38) issued by the IASB in May 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).

EFRAG has updated its endorsement status report to reflect that the European Union has adopted these amenments

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