The amendments are according to the commission regulation (EU) no. 313/2013 of 5. April 2013 and have been incorporated in the affected standards.
The European Commission endorsed the Consolidated Financial Statements, Joint Arrangements and Disclosure of Interest in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11, and IFRS 12). The objective of the amendments is to clarify the IASB’s intention when first issuing the transition guidance in IFRS 10. The amendments also provide additional transition relief in IFRS 10, IFRS 11 and IFRS 12, limiting the requirement to provide adjusted comparative information to only the preceding comparative period. Furthermore, for disclosures related to unconsolidated structured entities, the amendments remove the requirement to present comparative information for periods before IFRS 12 is first applied.
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 2014.
The affected paragraphs are: