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ENDORSEMENT ADVICE AND EFFECTS STUDY REPORT ON ANNUAL IMPROVEMENTS TO IFRS 2009-11 CYCLE HAS BEEN RELEASED BY EFRAG |
| Source: | EFRAG | | Country: | Europe | | Date: | 09/09/2012 | | Contributor: | Andy Lymer | | Web: | http://www.efrag.org |
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EFRAG has completed its due process regarding Annual Improvements to IFRSs 2009–2011 Cycle and has submitted its Endorsement Advice Letter and Effects Study Report to the European Commission.
On 17 May 2012, the IASB issued Annual Improvements to IFRSs 2009–2011 Cycle (the Amendments), a collection of amendments to IFRSs, in response to six issues addressed during the 2009-2011 cycle.
The Amendments reflect issues discussed by the IASB during the project cycle that began in 2009, and that were published in June 2011 as Exposure Draft ED/2011/2 Improvements to IFRSs. The amendments are effective for annual periods beginning on or after 1 January 2013, although entities are permitted to apply them earlier.
EFRAG is issuing its Endorsement Advice Letter and Effects Study Report relating to the endorsement of Annual Improvements to IFRSs 2009–2011 Cycle for use in the European Union and European Economic Area. EFRAG supports Annual Improvements to IFRSs 2009–2011 Cycle and has concluded that they meet the technical requirements of endorsement. EFRAG has also concluded that the benefits to be derived from implementing the Amendments are likely to outweigh the costs involved.
The Endorsement Advice Letter can be downloaded here and the Effects Study Report can be found here.
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