European Financial Reporting Advisory Group

05/03/2013 | Endorsement Status Report Update

In the light of the endorsement by the European Commission of the Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards - Government Loans, EFRAG has updated the EFRAG Endorsement Status Report.

The European Commission has endorsed the amendments to IFRS 1 which deal with loans received from governments at a below market rate of interest and their objective is to give first-time adopters of IFRSs relief from full retrospective application on transition to IFRSs.

Each company shall apply the amendments, at the latest, as from the commencement date of its first financial year starting on or after 1 January 2013.

Link to the publication in the Official Journal of the European Union:

Commission Regulation (EU) No 183/2013 of 4 March 2013

Document : EFRAG_Endorsement_Status_Report_5_March_2013.pdf