Document ID: 32011R0149

COMMISSION REGULATION (EU) No 149/2011
of 18 February 2011
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 Improvements to International Financial Reporting Standards (IFRSs)
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
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,
Whereas:
(1)
By Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (2) certain international standards and interpretations that were in existence at 15 October 2008 were adopted.
(2)
On 10 May 2010, the International Accounting Standards Board (IASB) published Improvements to International Financial Reporting Standards, hereinafter ‘the Improvements’, in the framework of its annual improvement process which aims at streamlining and clarifying the international accounting standards. The majority of the amendments are clarifications or corrections of existing International Financial Reporting Standards (IFRS) or amendments consequential to changes previously made to IFRS. Three amendments (two amendments to IFRS 1 and one amendment to IAS 34) involve changes to the existing requirements or additional guidance on the implementation of those requirements.
(3)
The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that the Improvements meet the technical criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. In accordance with Commission Decision 2006/505/EC of 14 July 2006 setting up a Standards Advice Review Group to advise the Commission on the objectivity and neutrality of the European Financial Reporting Advisory Group's (EFRAG's) opinions (3), the Standards Advice Review Group considered EFRAG's opinion on endorsement and advised the Commission that it is well-balanced and objective.
(4)
Regulation (EC) No 1126/2008 should therefore be amended accordingly.
(5)
The measures provided for in this Regulation are in accordance with the opinion of the Accounting Regulatory Committee,
HAS ADOPTED THIS REGULATION:
Article 1
The Annex to Regulation (EC) No 1126/2008 is amended as follows:
1.
International Financial Reporting Standard (IFRS) 1 is amended as set out in the Annex to this Regulation;
2.
IFRS 7 is amended as set out in the Annex to this Regulation;
3.
IFRS 3 is amended as set out in the Annex to this Regulation;
4.
International Accounting Standard (IAS) 1 is amended as set out in the Annex to this Regulation;
5.
IAS 34 is amended as set out in the Annex to this Regulation;
6.
International Financial Reporting Interpretations Committee's (IFRIC) Interpretation 13 is amended as set out in the Annex to this Regulation;
7.
IFRS 7, IAS 32 and IAS 39 are amended in accordance with the amendments to IFRS 3 as set out in the Annex to this Regulation;
8.
IAS 21, IAS 28 and IAS 31 are amended in accordance with IAS 27as set out in the Annex to this Regulation.
Article 2
Each company shall apply the amendments referred to in points (3), (7) and (8) of Article 1, at the latest, as from the commencement date of its first financial year starting after 30 June 2010.
Each company shall apply the amendments referred to in points (1), (2), (4), (5) and (6) of Article 1, at the latest, as from the commencement date of its first financial year starting after 31 December 2010.
Article 3
This Regulation shall enter into force on the third day following that of 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 Brussels, 18 February 2011.

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