In the light of the endorsement by the European Commission of the Annual Improvements to IFRSs, 2009-2011 Cycle, EFRAG has updated the EFRAG Endorsement Status Report.
The European Commission endorsed the Annual Improvements to IFRSs, 2009-2011 Cycle. The objective of the improvements is to address non-urgent, but necessary issues discussed by the IASB during the project cycle that began in 2009 on areas of inconsistency in IFRSs or where clarification of wording is required. Three of the improvements, namely the amendments to Appendix D of IFRS 1, IAS 16, and IAS 34, are clarifications or corrections of the respective standards. The other three improvements, namely the amendments to IFRS 1, IAS 1, and IAS 32 (including consequential amendments to IFRIC 2), involve changes to the existing requirements or additional guidance on the implementation of those requirements.
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.