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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:

The updated EFRAG Endorsement Status Report can be downloaded below and under the menu 'Endorsement Status'