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Europe adopts IFRS 1 amendments

The European Commission's Accounting Regulatory Committee (ARC), has voted in favour of the adopting the amendments to IFRS 1 - Government Loans.

The amendments to IFRS 1 were issued by the International Accounting Standards Board earlier this year but following the ARC's vote, will be effective from the 1 January 2013.

Amendments to the IFRSS will affect the following five standards:

- IFRS 1 First-time Adoption of International Financial Reporting Standards

- IAS 1 Presentation of Financial Statements

- IAS 16 Property, Plant and Equipment

- IAS 32 Financial Instruments: Presentation

- IAS 34 Interim Financial Reporting

ARC is composed of representatives from EU member states and chaired by the European Commission.

Related links

Accounting Regulatory Committee


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