Commission Regulation (EC) No 70/2009 of 23 January 2009 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) (revoked) (c. 70)

1. Introductory Text

2. Article 1. The Annex to Regulation (EC) No 1126/2008 is amended as...

3. Article 2. Each company shall apply the amendments to the standards referred...

4. Article 3. This Regulation shall enter into force on the third day...

5. Signature

6. 1. ANNEX

      2. IMPROVEMENTS TO IFRSs

         1. PART I Amendments to International Financial Reporting Standard 5 Non-current Assets Held...

            1. Amendments to International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations

               2. CLASSIFICATION OF NON-CURRENT ASSETS (OR DISPOSAL GROUPS) AS HELD FOR...

                  1. 8A An entity that is committed to a sale plan involving...

                  2. Presenting discontinued operations

                     1. 36A An entity that is committed to a sale plan involving...

               3. EFFECTIVE DATE

                  1. 44C Paragraphs 8A and 36A were added by Improvements to IFRSs...

            2. Appendix to Amendments to IFRS 5 Amendments to IFRS 1

               2. IFRS 1 First-time Adoption of International Financial Reporting Standards

                  2. RECOGNITION AND MEASUREMENT

                     1. Exceptions to retrospective application of other IFRSs Non-controlling interests

                        1. 34C A first-time adopter shall apply the following requirements of IAS...

                  3. EFFECTIVE DATE

                     1. 47L Paragraph 34C was amended by Improvements to IFRSs issued in...

            3. Amendments to International Accounting Standard 1 Presentation of Financial Statements (as revised in 2007)

               2. Statement of financial position

                  1. Current assets

                     1. 68 The operating cycle of an entity is the time between...

                  2. Current liabilities

                     1. 71 Other current liabilities are not settled as part of the...

                     2. TRANSITION AND EFFECTIVE DATE

                        1. 139C Paragraphs 68 and 71 were amended by Improvements to IFRSs...

            4. Amendments to International Accounting Standard 16 Property, Plant and Equipment

               2. DEFINITIONS

                  1. 6 The following terms are used in this Standard with the...

               3. DERECOGNITION

                  1. 68A However, an entity that, in the course of its ordinary...

                  2. 69 The disposal of an item of property, plant and equipment...

               4. EFFECTIVE DATE

                  1. 81D Paragraphs 6 and 69 were amended and paragraph 68A was...

            5. Appendix to Amendments to IAS 16 Amendments to IAS 7

               2. IAS 7 Statement of Cash Flows

                  2. 14 Cash flows …

                  3. EFFECTIVE DATE

                     1. 55 Paragraph 14 was amended by Improvements to IFRSs issued in...

            6. Amendments to International Accounting Standard 19 Employee Benefits

               2. DEFINITIONS

                  1. 7 …

               3. SHORT-TERM EMPLOYEE BENEFITS

                  1. 8 Short-term employee benefits include items such as:

               4. POST-EMPLOYMENT BENEFITS: DISTINCTION BETWEEN DEFINED CONTRIBUTION PLANS AND DEFINED BENEFIT...

                  1. Multi-employer plans

                     1. 32B IAS 37 Provisions, Contingent Liabilities and Contingent Assets requires an...

               5. POST-EMPLOYMENT BENEFITS: DEFINED BENEFIT PLANS

                  1. Past service cost

                     1. 97 Past service cost arises when an entity introduces a defined...

                     2. 98 Past service cost excludes:

                  2. Curtailment and settlements

                     1. 111 A curtailment occurs when an entity either:

                     2. 111A When a plan amendment reduces benefits, only the effect of...

               6. EFFECTIVE DATE

                  1. 159D Paragraphs 7, 8(b), 32B, 97, 98 and 111 were amended...

                  2. 160 IAS 8 applies when an entity changes its accounting policies...

            7. Amendments to International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance

               2. GOVERNMENT GRANTS

                  1. 10A The benefit of a government loan at a below-market rate...

               3. GOVERNMENT ASSISTANCE

                  1. 37 [Deleted]

               4. EFFECTIVE DATE

                  1. 43 Paragraph 37 was deleted and paragraph 10A added by Improvements...

            8. Amendment to International Accounting Standard 23 Borrowing Costs (as revised in 2007)

               2. DEFINITIONS

                  1. 6 Borrowing costs may include:

               3. EFFECTIVE DATE

                  1. 29A Paragraph 6 was amended by Improvements to IFRSs issued in...

            9. Amendment to International Accounting Standard 27 Consolidated and Separate Financial Statements

               2. ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES AND ASSOCIATES...

                  1. 37 When an entity prepares separate financial statements, it shall account...

               3. EFFECTIVE DATE AND TRANSITION

                  1. 43A Paragraph 37 was amended by Improvements to IFRSs issued in...

            10. Amendments to International Accounting Standard 28 Investments in Associates

                2. SCOPE

                   1. 1 This Standard shall be applied in accounting for investments in...

                3. APPLICATION OF THE EQUITY METHOD

                   1. Impairment losses

                      1. 33 Because goodwill that forms part of the carrying amount of...

                4. EFFECTIVE DATE AND TRANSITION

                   1. 41C Paragraphs 1 and 33 were amended by Improvements to IFRSs...

            11. Amendment to International Accounting Standard 31 Interests in Joint Ventures

                2. SCOPE

                   1. 1 This Standard shall be applied in accounting for interests in...

                3. EFFECTIVE DATE AND TRANSITION

                   1. 58B Paragraph 1 was amended by Improvements to IFRSs issued in...

            12. Appendix to Amendments to IAS 28 and IAS 31 Amendments to other IFRSs

                2. IFRS 7 Financial Instruments: Disclosures

                   2. SCOPE

                      1. 3 This IFRS shall be applied by all entities to all...

                   3. EFFECTIVE DATE AND TRANSITION

                      1. 44D Paragraph 3(a) was amended by Improvements to IFRSs issued in...

                3. IAS 32 Financial Instruments: Presentation

                   2. SCOPE

                      1. 4 This Standard shall be applied by all entities to all...

                   3. EFFECTIVE DATE AND TRANSITION

                      1. 97D Paragraph 4 was amended by Improvements to IFRSs issued in...

            13. Amendments to International Accounting Standard 29 Financial Reporting in Hyperinflationary Economies

                2. THE RESTATEMENT OF FINANCIAL STATEMENTS

                   1. 6 Entities that prepare financial statements on the historical cost basis...

                   2. 15 Most non-monetary items are carried at cost or cost less...

                   3. 19 The restated amount of a non-monetary item is reduced, in...

            14. Amendment to International Accounting Standard 36 Impairment of Assets

                2. DISCLOSURE

                   1. Estimates used to measure recoverable amounts of cash-generating units containing...

                      1. 134 An entity shall disclose the information required by (a)-(f) for...

                3. TRANSITIONAL PROVISIONS AND EFFECTIVE DATE

                   1. 140C Paragraph 134(e) was amended by Improvements to IFRSs issued in...

            15. Amendments to International Accounting Standard 38 Intangible Assets

                2. RECOGNITION OF AN EXPENSE

                   1. 69 In some cases, expenditure is incurred to provide future economic...

                   2. 69A An entity has a right to access goods when it...

                   3. 70 Paragraph 68 does not preclude an entity from recognising a...

                3. INTANGIBLE ASSETS WITH FINITE USEFUL LIVES

                   1. Amortisation period and amortisation method

                      1. 98 A variety of amortisation methods can be used to allocate...

                4. TRANSITIONAL PROVISIONS AND EFFECTIVE DATE

                   1. 130D Paragraphs 69, 70 and 98 were amended and paragraph 69A...

            16. Amendments to International Accounting Standard 39 Financial Instruments: Recognition and Measurement

                2. DEFINITIONS

                   1. 9 The following terms are used in this Standard with the...

                   2. Definitions of four categories of financial instruments

                3. MEASUREMENT

                   1. Reclassifications

                      1. 50A The following changes in circumstances are not reclassifications for the...

                4. HEDGING

                   1. Hedging instruments Qualifying instruments

                      1. 73 For hedge accounting purposes, only instruments that involve a party...

                5. EFFECTIVE DATE AND TRANSITION

                   1. 108C Paragraphs 9, 73 and AG8 were amended and paragraph 50A...

            17. Amendment to application guidance on IAS 39 Financial Instruments: Recognition and Measurement

                1. DEFINITIONS (PARAGRAPHS 8 AND 9)

                   1. Effective interest rate

                      1. AG8 If an entity revises its estimates of payments or receipts,...

            18. Amendments to International Accounting Standard 40 Investment Property

                2. DEFINITIONS

                   1. 8 The following are examples of investment property:

                   2. 9 The following are examples of items that are not investment...

                3. MEASUREMENT AT RECOGNITION

                   1. 22 [Deleted]

                   2. Fair value model

                      1. 48 In exceptional cases, there is clear evidence when an entity...

                      2. Inability to determine fair value reliably

                         1. 53 There is a rebuttable presumption that an entity can reliably...

                         2. 53A Once an entity becomes able to measure reliably the fair...

                         3. 53B The presumption that the fair value of investment property under...

                         4. 54 In the exceptional cases when an entity is compelled, for...

                4. TRANSFERS

                   1. 57 Transfers to, or from, investment property shall be made when,...

                5. EFFECTIVE DATE

                   1. 85B Paragraphs 8, 9, 48, 53, 54 and 57 were amended,...

            19. Appendix to Amendments to IAS 40 Amendment to IAS 16

                2. IAS 16 Property, Plant and Equipment

                   2. 5 An entity using the cost model for investment property in...

                   3. EFFECTIVE DATE

                      1. 81E Paragraph 5 was amended by Improvements to IFRSs issued in...

            20. Amendments to International Accounting Standard 41 Agriculture

                2. DEFINITIONS

                   1. Agriculture-related definitions

                      1. 5 The following terms are used in this Standard with the...

                      2. 6 Agricultural activity covers a diverse range of activities; for example,...

                3. RECOGNITION AND MEASUREMENT

                   1. 17 If an active market exists for a biological asset or...

                   2. 20 In some circumstances, market-determined prices or values may not be...

                   3. 21 The objective of a calculation of the present value of...

                4. EFFECTIVE DATE AND TRANSITION

                   1. 60 Paragraphs 5, 6, 17, 20 and 21 were amended and...

         2. PART II The amendments in Part II shall be applied for annual...

            2. Amendments to International Accounting Standard 8 Accounting Policies, Changes in Accounting Estimates and Errors

               2. ACCOUNTING POLICIES

                  1. Selection and application of accounting policies

                     1. 7 When an IFRS specifically applies to a transaction, other event...

                     2. 9 IFRSs are accompanied by guidance to assist entities in applying...

                     3. 11 In making the judgement described in paragraph 10, management shall...

            3. Amendment to International Accounting Standard 10 Events after the Reporting Period

               2. 13 If dividends are declared (ie the dividends are appropriately authorised...

            4. Amendments to International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance

               2. Footnote to title

                  1. * As part of Improvements to IFRSs issued in May 2008...

               3. SCOPE

                  1. 2 This Standard does not deal with:

               4. GOVERNMENT GRANTS

                  1. 12 Government grants shall be recognised in profit or loss on...

                  2. 13 There are two broad approaches to the accounting for government...

                  3. 14 Those in support of the capital approach argue as follows:...

                  4. 15 Arguments in support of the income approach are as follows:...

                  5. 16 It is fundamental to the income approach that government grants...

                  6. 17 In most cases the periods over which an entity recognises...

                  7. 18 Grants related to non-depreciable assets may also require the fulfilment...

                  8. 20 A government grant that becomes receivable as compensation for expenses...

                  9. 21 In some circumstances, a government grant may be awarded for...

                  10. 22 A government grant may become receivable by an entity as...

                  11. Presentation of grants related to assets

                      1. 26 One method recognises the grant as deferred income that is...

                      2. 27 The other method deducts the grant in calculating the carrying...

                  12. Repayment of government grants

                      1. 32 A government grant that becomes repayable shall be accounted for...

            5. Appendix to Amendments to IAS 20 Amendments to IAS 41

               2. IAS 41 Agriculture

                  2. GOVERNMENT GRANTS

                     1. 34 An unconditional government grant related to a biological asset measured...

                     2. 35 If a government grant related to a biological asset measured...

                     3. 36 Terms and conditions of government grants vary. For example, a...

            6. Amendments to International Accounting Standard 29 Financial Reporting in Hyperinflationary Economies

               2. Footnote to title

                  1. * As part of Improvements to IFRSs issued in May 2008,...

               3. THE RESTATEMENT OF FINANCIAL STATEMENTS

                  1. 8 The financial statements of an entity whose functional currency is...

                  2. Historical cost financial statements

                     1. Statement of financial position

                        1. 14 All other assets and liabilities are non-monetary. Some non-monetary items...

                        2. 20 An investee that is accounted for under the equity method...

                     2. Gain or loss on net monetary position

                        1. 28 The gain or loss on the net monetary position is...

                  3. Corresponding figures

                     1. 34 Corresponding figures for the previous reporting period, whether they were...

            7. Amendment to International Accounting Standard 34 Interim Financial Reporting

               2. FORM AND CONTENT OF INTERIM FINANCIAL STATEMENTS

                  1. 11 In the statement that presents the components of profit or...

            8. Amendments to International Accounting Standard 40 Investment Property

               2. MEASUREMENT AFTER RECOGNITION

                  1. Accounting policy

                     1. 31 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors...

                  2. Fair value model

                     1. 50 In determining the carrying amount of investment property under the...

            9. Amendments to International Accounting Standard 41 Agriculture

               2. SCOPE

                  1. 4 The table below provides examples of biological assets, agricultural produce,...

               3. DEFINITIONS

                  1. Agriculture-related definitions

                     1. 5 The following terms are used in this Standard with the...

               4. RECOGNITION AND MEASUREMENT

                  1. 14 [Deleted]

            10. Appendix to Amendments to IAS 41 Amendments to other IFRSs

                2. IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

                   2. SCOPE

                      1. 5 The measurement provisions of this IFRS do not apply to...

                3. IAS 2 Inventories

                   2. 20 In accordance with IAS 41 Agriculture inventories comprising agricultural produce...

                4. IAS 36 Impairment of Assets

                   2. SCOPE

                      1. 2 This Standard shall be applied in accounting for the impairment...

                      2. 5 This Standard does not apply to financial assets within the...