UK begins own endorsement of IFRSs and amendments to IFRSs
07 Jan 2021
After the end of the transition period on 31 December 2020, the UK ceased to apply EU law. IFRSs adopted by the EU at that point of time were incorporated into Domestic UK law as IFRSs as adopted by the UK. The Secretary of State for Business, Energy and Industrial Strategy (BEIS), who has been given the power of endorsing and adopting international accounting standards while the UK Endorsement Board (UKEB) is still being established, has now adopted two amendments to IFRSs for use within the UK.
The adopted amendments are:
- Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16); and
- Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4).
The UKEB website, which was launched on 5 January 2021, offers an adoption status report (similar to the EFRAG status report) that shows which amendments have been adopted and which adoptions are still outstanding. It can be found here.
