EC endorses IASB amendments to IFRS 10

The European Commission (EC) has passed regulation which brings into force the amendments the International Accounting Standards Board (IASB) had proposed to IFRS 10.

On June 2012 IASB issued Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12).

The amendments addressed concerns over the transition provision to IFRS 10 which were perceived as more burdensome than the IASB would have originally expected.

IASB’s amendments also provided relief in transitioning to IFRS 11and IFRS 12 limiting certain disclosure requirements.

The amendments to IFRS 11 contain references to IFRS 9, which should be interpreted as references to IAS 39 until the former standard is not adopted within the European Union.

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