On 5 June, 2012, Commission Regulation (EU) No 475/2012 was published and it is amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard (IAS) 1 and International Accounting Standard (IAS) 19
On 16 June 2011, the IASB published Amendments to IAS 1 'Presentation of Financial Statements - Presentation of Items of Other Comprehensive Income' (hereinafter "the amendments to IAS 1") and to IAS 19 'Employee Benefits', (hereinafter "the amendments to IAS 19"). The objective of the amendments to IAS 1 is to make the presentation of the increasing number of items of other comprehensive income clearer, and to assist the users of financial statements in distinguishing between the items of other comprehensive income that can be reclassified subsequently to profit or loss, and those that will never be reclassified to profit or loss. As to the amendments to IAS 19, they should help users of financial statements better understand how defined benefit plans affect an entity's financial position, financial performance and cash flows. The objective of the standard is to prescribe the accounting and disclosure for employee benefits.
The consultation with the Technical Expert Group (TEG) of the EFRAG confirms that the amendments to IAS 1 and the amendments to IAS 19 meet the technical criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002.
Regulation (EC) No 1126/2008 should therefore be amended accordingly.
The measures provided for in the Regulation are in accordance with the opinion of the Accounting Regulatory Committee.
Each company shall apply the amendments referred to IAS 1 and IFRSs that are linked, at latest, as from the commencement date of its first financial year starting on or after 1 July, 2012.
Each company shall apply the amendments referred to IAS 19 and IFRSs that are linked, at latest, as from the commencement date of its first financial year starting on or after 1 January, 2013.
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