UK Endorsement Board announces first adoption decision since delegation of powers in May 2021

The UK Endorsement Board (UKEB) has announced its first adoption decision since the delegation of powers in May 2021. The adoption of the IASB’s May 2020 Amendments include three Annual Improvements (from the IASB’s Annual Improvements to IFRS® Standards 2018–2020) and three Narrow-Scope Amendments, as follows:

• Three amendments from Annual Improvements to IFRS® Standards 2018–2020:
  • Amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards—Subsidiary as a First-time Adopter.
  • Amendment to IFRS 9 Financial Instruments—Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities.
  • Amendment to IAS 41 Agriculture—Taxation in Fair Value Measurements.
• Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37).
• Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16).
• Reference to the Conceptual Framework (Amendments to IFRS 3).

These amendments are effective for annual periods beginning on or after 1 January 2022, with early application permitted.