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23/10/2020 - EFRAG Endorsement Advice on four amendments to IFRS

​​EFRAG has completed its due process regarding amendments of  IFRS 1, IFRS 3, IFRS 9, IAS 16, IAS 37 and IAS 41 and has submitted its Endorsement Advice letters to the European Commission.

The IASB has issued some smaller Amendments (narrow scope Amendments) to​:

  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets, Onerous Contracts — Cost of Fulfilling a Contract;
  • IFRS 3 Business Combinations, Reference to the Conceptual Framework;
  • IAS 16 Property, Plant and Equipment, Proceeds before Intended Use; and
  • Annual Improvements to IFRS Standards 2018–2020, which amends IAS 41, IFRS 16, IFRS 1 and IFRS 9.

A summary of the respective Amendments is included in the respective appendix 1 of the letters to the European Commission.

EFRAG has submitted its Endorsement Advice letters relating to the Amendments for use in the European Union and European Economic Area. EFRAG assesses that the Amendments meets the technical endorsement criteria of the IAS Regulation and is conducive to the European public good. EFRAG therefore recommends​ their endorsement. EFRAG's recommendation can be found in the letters to the European Commission and the accompanying appendices.
The Endorsement Advice letters to the European Commission can be found as follows:

Letter on Onerous Contracts, Cost of Fulfilling a Contract​: here
Letter on Property, Plant and Equipment – Proceeds before Intended Use: here
Letter on Reference to the Conceptual Framework : here
Letter on Annual Improvements to IFRS Standards 2018-2020: here

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