European Union formally adopts IFRIC 22

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03 Apr 2018

The European Union has published a Commission Regulation endorsing IFRIC 22 'Foreign Currency Transactions and Advance Consideration'.

IFRIC 22 was developed by the IFRS Interpretations Committee to clarify the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency.

The European Union effective date is the same as the IASB's (1 January 2018).

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 3 April 2018.

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

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