Released 02 July 2021
The European Financial Reporting Advisory Group (EFRAG) has updated its Endorsement Status Report with the endorsement by the European Commission of Amendments to IFRS 3, Business Combinations, IAS 16 Property, Plant and Equipment, IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and Annual Improvements 2018-2020.
The amendments deal with a range of topics but include:
•a clarification as to whether the unavoidable costs under a contract exceed the expected economic benefits;
•require that proceeds from sale of goods before intended use to be recognised in profit or loss rather than deducting it from the cost of the item; and
•avoid unintended consequences with respect to business combinations.
Further information can be found at https://www.efrag.org/News/Public-299/EFRAG-Endorsement-Status-Report---Update.