In December 2014, the IASB issued Disclosure Initiative – Amendments to IAS 1 (‘the Amendments’) which were initially issued as an exposure draft ED/2014/1 in March 2014.

The Amendments, effective for annual periods beginning on or after 1 January 2016, clarify some of the presentation and disclosure requirements contained in IAS 1 Presentation of Financial Statements.

EFRAG has submitted its Endorsement Advice relating to the Amendments for use in the European Union and European Economic Area. EFRAG assesses that the Amendments meet all technical endorsement criteria of the IAS Regulation and are conducive to the European public good. It therefore recommends their endorsement. EFRAG’s recommendation is explained in the letter to the European Commission and the accompanying appendices.

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