European Union formally adopts amendments to IFRS 10, IFRS 12 and IAS 28

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23 Sep 2016

The European Union has published a Commission Regulation endorsing the December 2014 amendments to IFRS 10, IFRS 12 and IAS 28 that address issues that have arisen in the context of applying the consolidation exception for investment entities.

Commission Regulation (EC) No 2016/1703 of 22 September 2016 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 23 September 2016 adopts Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28) 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 application permitted).

EFRAG has updated its IFRS endorsement status report to reflect the development.

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