03/03/2022 - EFRAG Endorsement Status Report - Update
The endorsement by the European Commission of Amendments to IAS 1 on disclosure of accounting policies and IAS 8 on definition of accounting estimates are now reflected in
the Endorsement Status Report.
The European Union has published a Commission Regulation endorsing Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies as well as Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates . The Amendments are effective for annual periods beginning on or after 1 January 2023
The Amendments revise IAS 1 to require entities to disclose their material accounting policy information rather than their significant accounting policies. To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to explain the application of the materiality concept to accounting policy disclosures. The Amendments also revise IAS 8 to replace the definition of a change in accounting estimates with a definition of accounting estimates and provide other clarifications to help entities distinguish accounting policies from accounting estimates.
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'.
