The European Commission has approved the use of new regulation on the International Financial Reporting Standards. More specifically, this refers to the standard IAS 16 (Property, Plant and Equipment), IAS 37 (Provisions, Contingent Liabilities and Contingent Assets), IFRS 3 (Business Combinations) and a change in IFRS 16 (Covid-19-Related Rent Concessions beyond 30 June 2021).

In addition to the above-mentioned standards, the Annual Improvements of IFRS standards for 2018–2020 have been approved. This document aims at simplifying and clarifying unclear passages in the international standards. Changes relate to the standards IAS 41 (Agriculture), IFRS 1 (First-time Adoption of International Financial Reporting Standards) and IFRS 9 (Financial Instruments).

Source: https://data.consilium.europa.eu/doc/document/ST-6822-2021-INIT/cs/pdf

https://data.consilium.europa.eu/doc/document/ST-8677-2021-ADD-1/cs/pdf