EFRAG issues draft endorsement advice on amendments to IAS 40

The European Financial Reporting Advisory Group (EFRAG) has issued for comment its draft endorsement advice for the use of ‘Transfers of Investment Property (Amendments to IAS 40)’ in the European Union (EU).

In December 2016, the IASB issued the amendments to IAS 40 to clarify transfers of property to, or from, investment property.

The EFRAG has performed a preliminary assessment of the amendments to IAS 40 and believes the amendments meet the technical requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards.

In addition, the EFRAG has updated its endorsement status report and is requesting comments on its preliminary conclusions by 20 March 2017.