http://www.legislation.gov.uk/id/eur/2011/1205/contents/adopted

AMENDMENTS TO IFRS 7Financial Instruments: Disclosures TRANSFERS OF FINANCIAL ASSETS 42AThe disclosure requirements in paragraphs 42B–42H relating to transfers of...42BAn entity shall disclose information that enables users of its...42CFor the purposes of applying the disclosure requirements in paragraphs...Transferred financial assets that are not derecognised in their entirety...42DAn entity may have transferred financial assets in such a...Transferred financial assets that are derecognised in their entirety 42ETo meet the objectives set out in paragraph 42B(b), when...42FAn entity may aggregate the information required by paragraph 42E...42GIn addition, an entity shall disclose for each type of...Supplementary information 42HAn entity shall disclose any additional information that it considers...EFFECTIVE DATE AND TRANSITION 44MDisclosures—Transfers of Financial Assets (Amendments to IFRS 7), issued in...Appendix BApplication guidance DERECOGNITION (PARAGRAPHS 42C–42H) Continuing involvement (paragraph 42C) B29The assessment of continuing involvement in a transferred financial asset...B30An entity does not have a continuing involvement in a...B31Continuing involvement in a transferred financial asset may result from...Transferred financial assets that are not derecognised in their entirety...B32Paragraph 42D requires disclosures when part or all of the...Types of continuing involvement (paragraphs 42E–42H) B33Paragraphs 42E–42H require qualitative and quantitative disclosures for each type...Maturity analysis for undiscounted cash outflows to repurchase transferred assets...B34Paragraph 42E(e) requires an entity to disclose a maturity analysis...B35An entity shall use its judgement to determine an appropriate...B36If there is a range of possible maturities, the cash...Qualitative information (paragraph 42E(f)) B37The qualitative information required by paragraph 42E(f) includes a description...Gain or loss on derecognition (paragraph 42G(a)) B38Paragraph 42G(a) requires an entity to disclose the gain or...Supplementary information (paragraph 42H) B39The disclosures required in paragraphs 42D–42G may not be sufficient...AMENDMENT TO IFRS 1First-time Adoption of International Financial Reporting Standards EFFECTIVE DATE 39FDisclosures—Transfers of Financial Assets (Amendments to IFRS 7), issued in...Appendix EShort-term exemptions from IFRSs Disclosures about financial instruments E4A first-time adopter may apply the transitional provisions in paragraph...

Commission Regulation (EU) No 1205/2011

of 22 November 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 International Financial Reporting Standard (IFRS) 7

(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 standards1, and in particular Article 3(1) thereof,

Whereas:

(1)

By Commission Regulation (EC) No 1126/20082 certain international standards and interpretations that were in existence at 15 October 2008 were adopted.

(2)

On 7 October 2010, the International Accounting Standards Board (IASB) published Amendments to IFRS 7 Financial Instruments: Disclosures –Transfers of Financial Assets, hereinafter "the Amendments". The Amendments aim to help users of financial statements better evaluate the risk exposures relating to transfers of financial assets and the effect of those risks on an entity’s financial position. Their objective is to promote transparency in the reporting of transfer transactions, particularly those that involve securitisation of financial assets.

(3)

The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that the Amendments 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) opinions3, 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: