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EFRAG has issued a draft endorsement advice letter and a separate invitation to comment relating to the endorsement for use in the EU of Amendments to References to the Conceptual Framework in IFRS Standards ('the Amendments').
The Amendments were issued in March 2018. The Amendments update some of the references and quotations in IFRS Standards and Interpretations so that they refer to the revised Conceptual Framework or specify the version of the Conceptual Framework to which they refer.
The Amendments shall be applied for annual periods beginning on or after 1 January 2020. Earlier application is permitted if the entity applies all the amendments. The Amendments shall be applied retrospectively unless this would be impracticable or would involve undue cost or effort.
EFRAG's overall preliminary assessment is that the Amendments satisfy the criteria for endorsement for use in the EU and therefore EFRAG recommends their endorsement. EFRAG is seeking comments on all aspects of its analyses supporting its preliminary conclusions.
Comments are requested by 14 September 2018.