Commission Regulation (EU) No 1254/2012Show full title

Article 1

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

(a) International Financial Reporting Standard (IFRS) 10 Consolidated Financial Statements is inserted as set out in the Annex to this Regulation;

(b) IFRS 1, IFRS 2, IFRS 3, IFRS 7, International Accounting Standard (IAS) 1, IAS 7, IAS 21, IAS 24, IAS 27, IAS 32, IAS 33, IAS 36, IAS 38, IAS 39, and Interpretation 5 of the International Financial Reporting Interpretations Committee (IFRIC 5) are amended, and Interpretation 12 of the Standing Interpretations Committee (SIC-12) is replaced in accordance with IFRS 10 as set out in the Annex to this Regulation;

(c) IFRS 11 Joint Arrangements is inserted as set out in the Annex to this Regulation;

(d) IFRS 1, IFRS 2, IFRS 5, IFRS 7, IAS 7, IAS 12, IAS 18, IAS 21, IAS 24, IAS 32, IAS 33, IAS 36, IAS 38, IAS 39, IFRIC 5, IFRIC 9, and IFRIC 16 are amended, and IAS 31 and SIC-13 are replaced in accordance with IFRS 11 as set out in the Annex to this Regulation;

(e) IFRS 12 Disclosure of Interests in Other Entities is inserted as set out in the Annex to this Regulation;

(f) IAS 1, and IAS 24 are amended in accordance with IFRS 12 as set out in the Annex to this Regulation;

(g) The amended IAS 27 Separate Financial Statements is inserted as set out in the Annex to this Regulation;

(h) The amended IAS 28 Investment in Associates and Joint Ventures is inserted as set out in the Annex to this Regulation.

2. Any reference to IFRS 9 as laid down in the Annex to this Regulation shall be read as a reference to IAS 39 Financial Instruments: Recognition and Measurement.

3. Any consequential amendment to IFRS 9 resulting from the Annex to this Regulation shall not be applied.

Article 2

Each company shall apply IFRS 10, IFRS 11, IFRS 12, the amended IAS 27, the amended IAS 28, and the consequential amendments referred to in points (b), (d) and (f) of Article 1(1), at the latest, as from the commencement date of its first financial year starting on or after 1 January 2014.

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, 11 December 2012.

For the Commission

The President

José Manuel Barroso