Call for comments on [DRAFT] Endorsement Criteria Assessment: 2020 Annual Improvements and Narrow-Scope Amendments

The UKEB secretariat has published a [draft] UK Endorsement Criteria Assessment on a set of six Amendments to international accounting standards published by the International Accounting Standards Board (IASB) in May 2020, with an effective date of 1 January 2022. Earlier application is permitted, (the ‘May 2020 Amendments’).

The May 2020 Amendments comprise three Annual Improvements amendments (from the IASB’s Annual Improvements to IFRS® Standards 2018–2020) and three Narrow-Scope amendments:

• The Annual Improvements amendments covered in this assessment are: 
  • Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards—Subsidiary as a First-time Adopter.
  • Amendments to IFRS 9 Financial Instruments—Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities.
  • Amendments to IAS 41 Agriculture—Taxation in Fair Value Measurements.
• The Narrow-Scope Amendments covered in this assessment are: 
  • Amendments to IAS 16 Property, Plant and Equipment—Proceeds before Intended Use
  • Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets—Onerous Contracts—Cost of Fulfilling a Contract.
  • Amendments to IFRS 3 Business Combinations—Reference to the Conceptual Framework.

The UKEB secretariat welcomes stakeholders’ views on the potential UK adoption of the set of amendments covered in this assessment.

The Invitation to Comment can be accessed with the associated Your Details document here.

The draft UK Endorsement Criteria Assessment can be accessed here.

Please respond no later than close of business on Monday 1 November 2021 to UKEndorsementBoard@endorsement-board.uk

For more information on the UK Endorsement Board secretariat’s approach to this project, please see our website: Click here