News type icon

26/01/2018 - EFRAG requests comments on its draft endorsement advice on Annual Improvements to IFRS Standards 2015–2017 Cycle

​​EFRAG is consulting on both its assessment of Annual Improvements to IFRS Standards 2015–2017 Cycle against the techincal criteria in the EU and on its assessment of whether those amendments are conducive to the European public good. Comments are requested by 26 February 2018.


EFRAG has issued a draft endorsement advice letter and a separate invitation to comment relating to the endorsement for use in the EU of Annual Improvements to IFRS Standards 2015–2017 Cycle ('the Amendments').

The Amendments were issued in December 2017 and reflect the issues discussed by the IASB during the project cycle that began in 2015, and ​​published in Exposure Draft ED/2016/1 Definition of a Business and Accounting for Previously Held Interests and Exposure Draft ED/2017/1 Annual Improvements to IFRS Standards 2015- 2017 Cycle. The Amendments become effective for annual periods beginning on or after 1 January 2019 and clarify some of the requirements of IFRS 3 Business Combinations, IFRS 11 Joint Arrangements, IAS 12 Income Taxes, and IAS 23 Borrowing Costs. Earlier application of the Amendments is permitted.

EFRAG's overall preliminary assessment is that the Amendments satisfy the criteria for endorsement for use in the EU and therefore recommends their endorsement. EFRAG is seeking comments on all aspects of its analyses supporting its preliminary conclusions. The draft endorsement advice letter can be found here and the invitation to comment in a web form here. If you wish to download a word version of the invitation to comment, please click here and provide your comments by clicking on the ‘Comment publication’ link below.

Comments are requested by 26 February 2018.  

EFRAG has also updated its Endorsement Status Report, which can be downloaded here on EFRAG's web page.