11/12/2019 - EFRAG Endorsement Status Report Update
The endorsement by the European Commission of Amendments to IAS 1 and IAS 8 is now reflected in the Endorsement Status Report.
The European Union has published a Commission Regulation endorsing Definition of Material - Amendments to IAS 1 (Presentation of Financial Statements) and IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors). The Amendments are effective for annual periods beginning on or after 1 January 2020.
The Amendments aim at clarifying the definition of material by including guidance that until now has featured elsewhere in IFRS Standards; align the definition used in the Conceptual Framework for Financial Reporting with that in the IFRS Standards themselves; and improve the explanations accompanying the definition.
Link to the publication in the Official Journal of the European Union: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2019.318.01.0074.01.ENG&toc=OJ:L:2019:318:TOC
The updated EFRAG Endorsement Status Report can be downloaded below and under the menu 'Endorsement Status'