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European Union formally adopts amendments to IAS 28

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11 Feb 2019

The European Union has published a Commission Regulation endorsing 'Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28)'.

The amendments clarify that an entity applies IFRS 9 Financial Instruments to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied.

The European Union effective date is the same as the IASB's (1 January 2019).

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 11 February 2019.

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

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