• Register
Return to: Home > News > Regulation > IFRS 1 amendments embraced by EU law

IFRS 1 amendments embraced by EU law

The European Commission (EC) has passed regulations adopting the amendments to IFRS 1 Firs-time Adoption of International Financial Reporting Standards in relation to the treatment of government loans proposed by the International Accounting Standards Boards (IASB).

IASB's amendments focus on how a first-time IFRS adopter should treat government loans with a below-market rate of interest in accordance to IAS 20 Accounting for Government and Disclosure of Government Assistance.

According to the regulations adopted by the EC, first-time adopters should classify all government loans received as a financial liability or an equity instrument and allow entities to apply IFRS 9 Financial Instruments and IAS 20 prospectively when transitioning to IFRS.

The amendment adds an exception to the retrospective application of IFRS and must be applied to financial years beginning on or after 1 January 2013.


Related link

Official Journal of the European Union: Commission Regulation (EU) No 183/2013

 

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.