The EU published the Commission Regulation (EC) No 313/2013 of 4 April 2013 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 in the Official Journal on 5 April 2013. This regulation adopts the amendments made by the IASB in June 2012 that considered IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities (the amendments) resulting from proposals contained in its ED Transition Guidance that was published in December 2011. The objective of the amendments was to clarify the IASB’s intention when first issuing the transition guidance in IFRS 10. The amendments also provide additional transition relief in IFRS 10, IFRS 11 and IFRS 12, limiting the requirement to provide adjusted comparative information to only the preceding comparative period. Furthermore, for disclosures related to unconsolidated structured entities, the amendments remove the requirement to present comparative information for periods before IFRS 12 is first applied.
The amendments to IFRS 11 contain references to IFRS 9 that at present cannot be applied as IFRS 9 has not been adopted by the Union yet. Therefore, any reference to IFRS 9 as laid down in the Annex to this Regulation should be read as a reference to IAS 39 Financial Instruments: Recognition and Measurement.
The amendments have been given an European effective date of 1 January 2014 but can be applied earlier, so companies can decide to apply at the IASB effective date (1 January 2013). This is in line with the strategy chosen when adopting the standards themselves in December 2012.
Commission Regulation (EC) No 313/2013 of 4 April 2013
© European Union
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