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IFRS adopted by the European Union

Based on International Financial Reporting Standards in issue at 22 December 2015

1 IFRS adopted by the European Union – 22 December 2015

1. Published International Financial Reporting Standards (IFRS)

The table below provides an overview of the status of the European Union (EU) endorsement process of IFRS standards and amendments issued by the InternationalAccounting Standards Board (IASB) as at 22 December 2015 with an EU effective date of 1 January 2015 or later. Information related to EU endorsement is as of22 December 2015.

Some standards and amendments are adopted by the EU with an effective date later than that established by the IASB. Therefore, the effective date of application inthe EU is separately listed in the table below.

IASB EU

Standard Amendments

EU adoption

Effective date Effective date Regulation as of Published on

IFRS 2 Share-based Payment

Annual Improvements to IFRSs2010 – 2012 Cycle

Definition of vesting condition 1 July 2014 1 February 2015 17 December 2014 9 January 2015

IFRS 3 Business Combinations


Scope exceptions for joint ventures 1 July 2014 1 January 2015 18 December 2014 19 December 2014


Accounting for contingentconsideration in a businesscombination

1 July 2014 1 February 2015 17 December 2014 9 January 2015

IFRS 5 Non-current Assets Held forSale and Discontinued Operations


Changes in methods of disposal 1 January 2016 1 January 2016 15 December 2015 16 December 2015

IFRS 7 Financial Instruments:Disclosures


Servicing contracts 1 January 2016 1 January 2016 15 December 2015 16 December 2015


Applicability of the amendmentsto IFRS 7 to condensed interimfinancial statements

1 January 2016 1 January 2016 15 December 2015 16 December 2015


IASB EU

Standard Amendments

EU adoption


IFRS 8 Operating Segments


Aggregation of operating segments 1 July 2014 1 February 2015 17 December 2014 9 January 2015


Reconciliation of the total of thereportable segments’ assets to theentity’s assets


IFRS 9 Financial Instruments (issuedin July 2014)

1 January 2018 Open Open

IFRS 10 Consolidated FinancialStatements

Amendments to IFRS 10, IFRS 12and IAS 28: Applying theConsolidation Exception


Amendments to IFRS 10 andIAS 28: Sale or Contribution ofAssets between an Investor and itsAssociate or Joint Venture

To be determined Postponed: awaitingIASB developments

Postponed: awaitingIASB developments

IFRS 11 Joint Arrangements

Amendments to IFRS 11:Accounting for Acquisitions ofInterests in Joint Operations

1 January 2016 1 January 2016 24 November 2015 25 November 2015

IFRS 12 Disclosures of Interests inOther Entities



IFRS 13 Fair Value Measurement


Scope of paragraph 52 (portfolioexception)

1 July 2014 1 January 2015 18 December 2014 19 December 2014


IASB EU

Standard Amendments

EU adoption


IFRS 14 Regulatory DeferralAccounts

1 January 2016 The European Commission has decided not to endorse IFRS 14and, instead, to wait until the standard on rate-regulated activitiesis issued.

IFRS 15 Revenue from Contractswith Customers


IAS 1 Presentation of FinancialStatements

Amendments to IAS 1: DisclosureInitiative


IAS 16 Property, Plant andEquipment


Revaluation method – proportionaterestatement of accumulateddepreciation


Amendments to IAS 16 and IAS 38:Clarification of Acceptable Methodsof Depreciation and Amortisation


Amendments to IAS 16 and IAS 41:Bearer Plants


IAS 19 Employee Benefits

Amendments to IAS 19: DefinedBenefit Plans – EmployeeContributions



Discount rate: regional market issue 1 January 2016 1 January 2016 15 December 2015 16 December 2016

IAS 24 Related Party Disclosures


Key management personnel 1 July 2014 1 February 2015 17 December 2014 9 January 2015


IASB EU

Standard Amendments

EU adoption


IAS 27 Separate FinancialStatements1

Amendments to IAS 27: EquityMethod in Separate FinancialStatements


IAS 28 Investments in Associatesand Joint Ventures



Amendments to IFRS 10 andIAS 28: Sale or Contribution ofAssets between an Investor and itsAssociate or Joint Venture

To be determined Postponed: awaitingIASB developments

Postponed: awaitingIASB developments

IAS 34 Interim Financial Reporting


Disclosure of information‘elsewhere in the interim financialreport’


IAS 38 Intangible Assets


Revaluation method –proportionate restatement ofaccumulated amortisation


Amendments to IAS 16 and IAS 38:Clarification of Acceptable Methodsof Depreciation and Amortisation


1 In February 2007 the EU Commission issued two interpretations based on which, European companies not required to prepare consolidated financial statements are allowed to state that their separatefinancial statements are prepared in accordance with IFRS as adopted by the EU even if they do not meet the criteria for the exemption for preparing consolidated accounts in IFRS 10.


IASB EU

Standard Amendments

EU adoption


IAS 40 Investment Property


Clarifying the interrelationshipbetween IFRS 3 and IAS 40 whenclassifying property as investmentproperty or owner-occupiedproperty

1 July 2014 1 January 2015 18 December 2014 19 December 2014

IAS 41 Agriculture

Amendments to IAS 16 and IAS 41:Agriculture – Bearer Plants



2. Status of standards or amendments in the endorsement process

This section includes information included in the table above. Refer to this table for a summary of standards and amendments still being considered by the EU foradoption. The EU endorsement process is only completed when it is published in the Official Journal of the European Union. The advice from the European FinancialReporting Advisory Group (EFRAG) and the vote by the Accounting Regulatory Committee of representatives of EU Member States (ARC) are not sufficient to adopt astandard or an amendment.

The following IASB documents are in the endorsement process as of 22 December 2015.

IASB EU - only

IASB standard/amendment EFRAG endorsement adviceEffective date ARC vote Expected adoption

IFRS 9 Financial Instruments (issued on 24 July2014)

1 January 2018 15 September 2015 Expected in H1 2016 H1 2016

IFRS 14 Regulatory Deferral Accounts (issued on30 January 2014)

1 January 2016 The European Commission hasdecided not to endorse IFRS 14and, instead, wait until thestandard on rate-regulatedactivities is final

Not applicable Not applicable

IFRS 15 Revenue from Contracts with Customers(issued on 28 May 2014; amended on11 September 2015)

1 January 2018 17 March 2015 Expected in Q1 2016 Q2 2016

Amendments to IFRS 10, IFRS 12 and IAS 28:Investment Entities: Applying the ConsolidationException (issued on 18 December 2014)

1 January 2016 22 July 2015 Expected in Q1 2016 Q2 2016

Amendments to IFRS 10 and IAS 28: Sale orContribution of Assets between an Investor andits Associate or Joint Venture (issued on11 September 2014)

To bedetermined

Postponed: awaiting IASB developments

Amendments to IAS 27: Equity Method in SeparateFinancial Statements (issued on 12 August 2014)

1 January 2016 19 December 2014 02 September 2015 Q4 2015

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This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About EY’s International Financial Reporting Standards GroupA global set of accounting standards provides the global economy with one measure to assess and compare the performance of companies. For companies applying or transitioning to International Financial Reporting Standards (IFRS), authoritative and timely guidance is essential as the standards continue to change. The impact stretches beyond accounting and reporting, to key business decisions you make. We have developed extensive global resources — people and knowledge — to support our clients applying IFRS and to help our client teams. Because we understand that you need a tailored service as much as consistent methodologies, we work to give you the benefit of our deep subject matter knowledge, our broad sector experience and the latest insights from our work worldwide.

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This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.

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