Regulation (EC) No 297/2008 of the European Parliament and of the Council of 11 March 2008 amending Regulation (EC) No 1606/2002 on the application of international accounting standards, as regards the implementing powers conferred on the Commission
Date: 2008-03-11
Institutions: Council of the European Union, European Parliament
Subjects: accounting, international standard, standardised accounting system

L 97/62

EN

Official Journal of the European Union

9.4.2008

REGULATION (EC) No 297/2008 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 11 March 2008

amending Regulation (EC) No 1606/2002 on the application of international accounting standards, as
regards the implementing powers conferred on the Commission

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EURO-
PEAN UNION,

Having regard to the Treaty establishing the European Commu-
nity, and in particular Article 95(1) thereof,

Having regard to the proposal from the Commission,

(5)

Having regard to the opinion of the European Economic and
Social Committee (1),

Acting in accordance with the procedure laid down in Article 251
of the Treaty (2),

Whereas:

(1)

(2)

(3)

Regulation (EC) No 1606/2002 of the European Parlia-
ment and of the Council (3) provides that certain measures
are to be adopted in accordance with Council Decision
1999/468/EC of 28 June 1999 laying down the proce-
dures for the exercise of implementing powers conferred
on the Commission (4).

Decision 1999/468/EC has been amended by Decision
2006/512/EC, which introduced the regulatory procedure
with scrutiny for the adoption of measures of general scope
and designed to amend non-essential elements of a basic
instrument adopted in accordance with the procedure
referred to in Article 251 of the Treaty, inter alia, by delet-
ing some of those elements or by supplementing the
instrument with new non-essential elements.

In accordance with the statement by the European Parlia-
ment, the Council and the Commission (5) concerning
Decision 2006/512/EC, for the regulatory procedure with
scrutiny to be applicable to instruments adopted in accor-
dance with the procedure referred to in Article 251 of the
Treaty which are already in force, those instruments must
be adjusted in accordance with the applicable procedures.

(4)

The Commission should be empowered to decide on the
international
applicability within the Community of
accounting standards. Since those measures are of general

(1) OJ C 161, 13.7.2007, p. 45.
(2) Opinion of the European Parliament of 14 November 2007 (not yet
published in the Official Journal) and Council Decision of 3 March
2008.

(3) OJ L 243, 11.9.2002, p. 1.
(4) OJ L 184, 17.7.1999, p. 23. Decision as amended by Decision

2006/512/EC (OJ L 200, 22.7.2006, p. 11).

(5) OJ C 255, 21.10.2006, p. 1.

scope and are designed to amend non-essential elements of
Regulation (EC) No 1606/2002 by supplementing it with
new non-essential elements, they must be adopted in accor-
dance with the regulatory procedure with scrutiny pro-
vided for in Article 5a of Decision 1999/468/EC.

In view of the fact that the application of the regulatory
procedure with scrutiny within the usual deadlines could in
certain exceptional situations make it difficult to adopt
newly issued accounting standards, amendments to exist-
ing accounting standards or interpretations of existing
accounting standards in time for them to be applied by
undertakings for the relevant financial year, the European
Parliament, the Council and the Commission should act
speedily in order to ensure that those standards and inter-
pretations are adopted in a timely manner so as not to
undermine investor understanding and confidence.

(6)

Regulation (EC) No 1606/2002 should therefore be
amended accordingly,

HAVE ADOPTED THIS REGULATION:

Article 1

Amendments

Regulation (EC) No 1606/2002 is hereby amended as follows:

1. Article 3(1) shall be replaced by the following:

The Commission shall decide on the applicability
‘1.
within the Community of international accounting standards.
Those measures, designed to amend non-essential elements
of this Regulation by supplementing it, shall be adopted in
accordance with the regulatory procedure with scrutiny
referred to in Article 6(2).’;

2. Article 6 shall be amended as follows:

(a) paragraph 2 shall be replaced by the following:

‘2. Where reference is made to this paragraph,
Article 5a(1)
to (4) and Article 7 of Decision
1999/468/EC shall apply, having regard to the provi-
sions of Article 8 thereof.’;

(b) paragraph 3 shall be deleted.

9.4.2008

EN

Official Journal of the European Union

L 97/63

Article 2

Entry into force

This Regulation shall enter into force on the day following its publication in the Official Journal of the European
Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Strasbourg, 11 March 2008.

For the European Parliament
The President
H.-G. PÖTTERING

For the Council
The President
J. LENARČIČ