Updated Interpretation of the National Accounting Board I-8
The following article briefly summarises the key points of the National Accounting Board’s updated interpretation I-8 Social Fund and Similar Funds from Profit.
Amendments to References to the Conceptual Framework in IFRS Standards Endorsed for Use in the EU
On 29 November 2019, Amendments to References to the Conceptual Framework in IFRS Standards were endorsed by the European Commission for use in the European Union. The EU effective date is the same as the IASB’s effective date (annual periods beginning on or after 1 January 2020). Earlier adoption of Amendments is permitted.
Together with the revised Conceptual Framework, which became effective upon publication on 29 March 2018, the IASB has also issued Amendments to References to the Conceptual Framework in IFRS Standards. The document contains amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32.
Not all amendments, however, update those pronouncements with regard to references to and quotes from the framework so that they refer to the revised Conceptual Framework. Some pronouncements are only updated to indicate which version of the Framework they are referencing to (the IASC Framework adopted by the IASB in 2001, the IASB Framework of 2010, or the new revised Framework of 2018) or to indicate that definitions in the Standard have not been updated with the new definitions developed in the revised Conceptual Framework.
The amendments, where they actually are updates, are effective for annual periods beginning on or after 1 January 2020, with early application permitted.
We informed you in detail about Conceptual Framework and related amendments to references in the Accounting News in Juneand July2018.
Sources: www.iasplus.com, Amendments to References to the Conceptual Framework
