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.