Recommendation to postpone the Endorsement Process on amendments to IFRS 10 and IAS 28

EFRAG has recommended to the European Commission to postpone the endorsement process on the amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture until the IASB’s project on Elimination of gains or losses arising from transactions between an entity and its associate or joint venture is completed.

At its January 2015 meeting, the IASB tentatively decided to correct an identified contradiction between the amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture and IAS 28.32.

More specifically, the IASB decided to include these additional changes within the forthcoming Exposure Draft on Elimination of gains or losses arising from transactions between an entity and its associate or joint venture and postpone the effective date of the amendments to IFRS 10 and IAS 28 (published in September 2014) to align the effective dates of the different amendments.

In the light of the interactions between the amendments to IFRS 10 and IAS 28 and the IASB’s forthcoming Exposure Draft, and their common effective date, EFRAG (FN EFRAG – European Financial Reporting Advisory Group - was established in 2001 with the encouragement of the European Commission to provide input into the development of IFRS issued by the IASB and to provide the European Commission with technical expertise and advice on accounting matters. EFRAG is a private association established in conformity with Belgian law and whose members known collectively as “EFRAG Member Organisations” are European stakeholders and National organisations having knowledge and interest in the development of IFRS and how they contribute to the efficiency of capital markets.FN)has recommended to the European Commission to postpone the endorsement process relating to the amendments to IFRS 10 and IAS 28 until the project on Elimination of gains or losses arising from transactions between an entity and its associate or joint venture is completed.


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