15/03/2021 - EFRAG requests comments on its draft endorsement advice on Definition of Accounting Estimates
EFRAG is consulting on both its assessment of Definition of Accounting
Estimates (Amendments to IAS 8) (‘the Amendments’) against the technical criteria in the EU and on its assessment of whether the Amendments are conducive to the European public good. Comments are requested by 7 June 2021.
EFRAG has issued a draft endorsement advice letter and separate invitations to comment relating to the endorsement for use in the EU of the Amendments.
The Amendments revise IAS 8 to replace the definition of a change in accounting estimates with a definition of accounting estimates and provide other clarifications to help entities distinguish accounting policies from accounting estimates.
The Amendments become effective for annual periods beginning on or after 1 January 2023, with earlier application permitted.
EFRAG's overall preliminary assessment is that the Amendments satisfy the criteria for endorsement for use in the EU and therefore recommends its endorsement. EFRAG is seeking comments on all aspects of its analyses supporting its preliminary conclusions.
EFRAG's draft endorsement advice letter is available here. You are asked to provide your comments on the draft endorsement advice letter by downloading the invitation to comment (here), filling in the comments, and submitting the response by clicking on the ‘Comment publication’ link below.
Comments are requested by 7 June 2021.
For your information, EFRAG has also updated its Endorsement Status Report, which is available on EFRAG's website.
