http://www.legislation.gov.uk/id/eur/2013/313/contents

Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance(Amendments to IFRS 10, IFRS 11 and IFRS 12) Amendments to IFRS 10 Consolidated Financial Statements C1AConsolidated Financial Statements, Joint Arrangements and Disclosure of Interests in...C2An entity shall apply this IFRS retrospectively, in accordance with...C2ANotwithstanding the requirements of paragraph 28 of IAS 8, when...C2BFor the purposes of this IFRS, the date of initial...C3At the date of initial application, an entity is not...C4If, at the date of initial application, an investor concludes...C4AIf measuring an investee’s assets, liabilities and non-controlling interests in...C4BWhen an investor applies paragraphs C4–C4A and the date that...C4CWhen an investor applies paragraphs C4–C4A and the date that...C5If, at the date of initial application, an investor concludes...C5AIf measuring the interest in the investee in accordance with...C6Paragraphs 23, 25, B94 and B96–B99 were amendments to IAS...References to the ‘immediately preceding period’ C6ANotwithstanding the references to the annual period immediately preceding the...C6BIf an entity presents unadjusted comparative information for any earlier...Amendments to IFRS 11 Joint Arrangements C1AConsolidated Financial Statements, Joint Arrangements and Disclosure of Interests in...Transition C1BNotwithstanding the requirements of paragraph 28 of IAS 8 Accounting...Joint ventures—transition from proportionate consolidation to the equity method C2When changing from proportionate consolidation to the equity method, an...C3The opening balance of the investment determined in accordance with...C4If aggregating all previously proportionately consolidated assets and liabilities results...C5An entity shall disclose a breakdown of the assets and...C6… Joint operations—transition from the equity method to accounting for assets...C7When changing from the equity method to accounting for assets...C8An entity shall determine its interest in the assets and...C9Any difference arising from the investment previously accounted for using...C10An entity changing from the equity method to accounting for...C11… Transition provisions in an entity’s separate financial statements C12An entity that, in accordance with paragraph 10 of IAS...References to the ‘immediately preceding period’ C12ANotwithstanding the references to the ‘immediately preceding period’ in paragraphs...C12BIf an entity presents unadjusted comparative information for any earlier...Amendments to IFRS 11 Joint ArrangementsConsequential amendment to IFRS 1 First-time Adoption of International Financial...IFRS 1 First-time Adoption of International Financial Reporting Standards 39SConsolidated Financial Statements, Joint Arrangements and Disclosure of Interests in...Joint arrangements D31A first-time adopter may apply the transition provisions in IFRS...Amendments to IFRS 12 Disclosure of Interests in Other Entities...C1AConsolidated Financial Statements, Joint Arrangements and Disclosure of Interests in...C2… C2AThe disclosure requirements of this IFRS need not be applied...C2BThe disclosure requirements of paragraphs 24–31 and the corresponding guidance...

Commission Regulation (EU) No 313/2013

of 4 April 2013

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 Consolidated Financial Statements, Joint Arrangements and Disclosure of Interest in Other Entities: Transition Guidance (Amendments to International Financial Reporting Standards 10, 11, and 12)

(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 28 June 2012, the International Accounting Standards Board (IASB) published amendments to International Financial Reporting Standard (IFRS) 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities (the amendments) resulting from proposals contained in its exposure draft Transition Guidance that was published in December 2011. The objective of the amendments is to clarify the IASB’s intention when first issuing the transition guidance in IFRS 10. The amendments also provide additional transition relief in IFRS 10, IFRS 11 and IFRS 12, limiting the requirement to provide adjusted comparative information to only the preceding comparative period. Furthermore, for disclosures related to unconsolidated structured entities, the amendments remove the requirement to present comparative information for periods before IFRS 12 is first applied.

(3)

The amendments to IFRS 11 contain references to IFRS 9 that at present cannot be applied as IFRS 9 has not been adopted by the Union yet. Therefore, any reference to IFRS 9 as laid down in the Annex to this Regulation should be read as a reference to International Accounting Standard (IAS) 39 Financial Instruments: Recognition and Measurement.

(4)

The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that the amendments to IFRS 10, IFRS 11, and IFRS 12 meet the technical criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002.

(5)

Regulation (EC) No 1126/2008 should therefore be amended accordingly.

(6)

The measures provided for in this Regulation are in accordance with the opinion of the Accounting Regulatory Committee,

HAS ADOPTED THIS REGULATION: