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European Union formally adopts amendments to IFRS 9

  • European Union Image

26 Mar 2018

The European Union has published a Commission Regulation endorsing 'Prepayment Features with Negative Compensation (Amendments to IFRS 9)'.

The amendments issued by the IASB in October 2017 address the concerns about how IFRS 9 Financial Instruments classifies particular prepayable financial assets.

The European Union effective date is the same as the IASB's (1 January 2019), i. e. one year after the first application of IFRS 9 in its current version. Early application is permitted so entities can apply the amendments together with IFRS 9 if they wish so.

The Commission Regulation 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 was published in the Official Journal of the European Union on 26 March 2018.

As a result of the EU's adoption, the EFRAG has updated its endorsement status report.

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