# C_2018463EN.01006801.xml

| 21.12.2018 | EN | Official Journal of the European Union | C 463/68 |
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21.12.2018

EN

Official Journal of the European Union

C 463/68

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P8_TA(2018)0027

Non-objection to an implementing measure: amendments to International Financial Reporting Standard 9

European Parliament decision to raise no objections to the draft Commission regulation 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 amendments to International Financial Reporting Standard 9 (D054380/02 — 2017/3018(RPS))

(2018/C 463/13)

The European Parliament,

| — | having regard to the draft Commission regulation (D054380/02, |
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having regard to the draft Commission regulation (D054380/02,

| — | having regard to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (1), and in particular Article 3(1) thereof, |
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having regard to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (1), and in particular Article 3(1) thereof,

| — | having regard to the Commission’s letter of 18 December 2017 asking Parliament to declare that it will raise no objections to the draft regulation, |
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having regard to the Commission’s letter of 18 December 2017 asking Parliament to declare that it will raise no objections to the draft regulation,

| — | having regard to the letter from the Committee on Economic and Monetary Affairs to the Chair of the Conference of Committee Chairs of 24 January 2018, |
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having regard to the letter from the Committee on Economic and Monetary Affairs to the Chair of the Conference of Committee Chairs of 24 January 2018,

| — | having regard to Article 5a of Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission (2), |
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having regard to Article 5a of Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission (2),

| — | having regard to the recommendation for a decision by the Committee on Economic and Monetary Affairs, |
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having regard to the recommendation for a decision by the Committee on Economic and Monetary Affairs,

| — | having regard to Rules 106(4)(d) and Rule 105(6) of its Rules of Procedure, |
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having regard to Rules 106(4)(d) and Rule 105(6) of its Rules of Procedure,

| — | having regard to the fact that no objections have been raised within the period laid down in the third and fourth indents of Rule 105(6) of its Rules of Procedure, which expired on 6 February 2018, |
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having regard to the fact that no objections have been raised within the period laid down in the third and fourth indents of Rule 105(6) of its Rules of Procedure, which expired on 6 February 2018,

| A. | whereas the International Accounting Standards Board (IASB) issued on 12 October 2017 amendments to International Financial Reporting Standard (IFRS) 9 — Financial Instruments; whereas those amendments are aimed at creating clarity and consistency in the classification of debt instruments with negative prepayment options; |
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A.

whereas the International Accounting Standards Board (IASB) issued on 12 October 2017 amendments to International Financial Reporting Standard (IFRS) 9 — Financial Instruments; whereas those amendments are aimed at creating clarity and consistency in the classification of debt instruments with negative prepayment options;

| B. | whereas the European Financial Reporting Advisory Group (EFRAG) provided the Commission with positive endorsement advice on 10 November 2017; whereas in its advice the EFRAG covers some of the issues raised by the European Central Bank in its letter dated 8 November 2017 to the EFRAG; |
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B.

whereas the European Financial Reporting Advisory Group (EFRAG) provided the Commission with positive endorsement advice on 10 November 2017; whereas in its advice the EFRAG covers some of the issues raised by the European Central Bank in its letter dated 8 November 2017 to the EFRAG;

| C. | whereas the Commission concluded that the interpretation meets the technical criteria for adoption as required by Article 3(2) of Regulation (EC) No 1606/2002 and maintains that this proposed amendment would merely retain the status quo of accounting on amortised cost for these specific instruments as applicable before the introduction of IFRS 9; |
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C.

whereas the Commission concluded that the interpretation meets the technical criteria for adoption as required by Article 3(2) of Regulation (EC) No 1606/2002 and maintains that this proposed amendment would merely retain the status quo of accounting on amortised cost for these specific instruments as applicable before the introduction of IFRS 9;

| D. | whereas the IASB set the effective date for this amendment to IFRS 9 as of 1 January 2019 with earlier application permitted; whereas accounting for financial instruments under IFRS 9 is required already as of 1 January 2018; whereas financial institutions subject to IFRS accounting cannot use the treatment under this proposed amendment before its endorsement and publication; |
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D.

whereas the IASB set the effective date for this amendment to IFRS 9 as of 1 January 2019 with earlier application permitted; whereas accounting for financial instruments under IFRS 9 is required already as of 1 January 2018; whereas financial institutions subject to IFRS accounting cannot use the treatment under this proposed amendment before its endorsement and publication;

| E. | whereas the Commission was aiming for the amendments to Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards (3) to be published before the end of March 2018 in order to be applicable for financial periods starting on or after 1 January 2018; |
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E.

whereas the Commission was aiming for the amendments to Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards (3) to be published before the end of March 2018 in order to be applicable for financial periods starting on or after 1 January 2018;

| 1. | Declares that it has no objections to the draft Commission regulation; |
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1.

| 2. | Instructs its President to forward this decision to the Commission, and, for information, to the Council. |
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2.

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(1)  OJ L 243, 11.9.2002, p. 1.

(2)  OJ L 184, 17.7.1999, p. 23.

(3)  OJ L 320, 29.11.2008, p. 1.

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