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The European Financial Reporting Advisory Group (EFRAG) has submitted to the European Commission its endorsement advice letter and effects study report on the amendments to IFRS 1.
In its report, EFRAG recommends Government Loans (Amendments to IFRS 1) for endorsement. EFRAG notes that the benefits of adopting the amendments outweigh the costs.
Click for EFRAG press release on Government Loans (Amendments to IFRS 1) (link to EFRAG website). A link to the endorsement advice letter is provided in the press release.
Concurrently, EFRAG has also updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments. Click to download the Endorsement Status Report as of 6 June 2012 which now also reflects the fact that the European Commission has endorsed the Amendments to IAS 1 Presentation of Items of Other Comprehensive Income and Amendments to IAS 19 Employee Benefits.
Source: IAS Plus
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