Call for comments on Draft Endorsement Criteria Assessment of narrow-scope amendments issued 2021 (with an effective date of 1 January 2023)

The UKEB has published a Draft UK Endorsement Criteria Assessment (DECA) on a set of three narrow-scope Amendments to international accounting standards published by the International Accounting Standards Board (IASB) in 2021, with an effective date of 1 January 2023 with earlier application permitted, (the ‘2021 Amendments’).

The 2021 Amendments covered in this assessment are: 

• Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and to IFRS Practice Statement 2 Making Materiality Judgements).
• Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors).
• Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes).

The UKEB welcomes stakeholders’ views on the potential UK adoption of the 2021 Amendments, covered in this assessment.

The UKEB was not able to directly influence the development of the 2021 Amendments, as they were developed before the creation of the UKEB. However, they were subject to public consultation in line with the IFRS Foundation’s due process and comments from a number of UK stakeholders were considered by the IASB when finalising those amendments.

The Invitation to Comment can be accessed with the associated Your Details document here.

The Draft UK Endorsement Criteria Assessment (DECA) can be accessed here.

Please respond no later than close of business on Monday 3 October 2022 to UKEndorsementBoard@endorsement-board.uk.

For more information on the UK Endorsement Board Secretariat’s approach to this project, please see our website: Click here.