Commission Regulation (EU) 2016/2067 Article 1

Article 1

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

((a))

International Financial Reporting Standard (IFRS) 9Financial Instrumentsis inserted as set out in the Annex to this Regulation;

((b))

the following international accounting standards are amended in accordance with IFRS 9Financial Instrumentsas set out in the Annex to this Regulation:(i)IAS 1Presentation of Financial Statements;(ii)IAS 2Inventories;(iii)IAS 8Accounting Policies, Changes in Accounting Estimates and Errors;(iv)IAS 10Events after the Reporting Period;(v)IAS 12Income Taxes;(vi)IAS 20Accounting for Government Grants and Disclosure of Government Assistance;(vii)IAS 21The Effects of Changes in Foreign Exchange Rates;(viii)IAS 23Borrowing Costs;(ix)IAS 28Investments in Associates and Joint Ventures;(x)IAS 32Financial Instruments: Presentation;(xi)IAS 33Earnings per Share;(xii)IAS 36Impairment of Assets;(xiii)IAS 37Provisions, Contingent Liabilities and Contingent Assets;(xiv)IAS 39Financial Instruments: Recognition and Measurement;(xv)IFRS 1First-time Adoption of International Financial Reporting Standards;(xvi)IFRS 2Share-based Payment;(xvii)IFRS 3Business Combinations;(xviii)IFRS 4Insurance Contracts;(xix)IFRS 5Non-Current Assets Held for Sale and Discontinued Operations;(xx)IFRS 7Financial Instruments: Disclosures;(xxi)IFRS 13Fair Value Measurement;(xxii)Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) 2Members' Shares in Cooperative Entities and Similar Instruments;(xxiii)IFRIC 5Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds;(xxiv)IFRIC 10Interim Financial Reporting and Impairment;(xxv)IFRIC 12Service Concession Arrangements;(xxvi)IFRIC 16Hedges of a Net Investment in a Foreign Operation;(xxvii)IFRIC 19Extinguishing Financial Liabilities with Equity Instruments;(xxviii)Interpretation of the Standing Interpretations Committee SIC 27Evaluating the Substance of Transactions Involving the Legal Form of a Lease.

((i))

IAS 1Presentation of Financial Statements;

((ii))

IAS 2Inventories;

((iii))

IAS 8Accounting Policies, Changes in Accounting Estimates and Errors;

((iv))

IAS 10Events after the Reporting Period;

((v))

IAS 12Income Taxes;

((vi))

IAS 20Accounting for Government Grants and Disclosure of Government Assistance;

((vii))

IAS 21The Effects of Changes in Foreign Exchange Rates;

((viii))

IAS 23Borrowing Costs;

((ix))

IAS 28Investments in Associates and Joint Ventures;

((x))

IAS 32Financial Instruments: Presentation;

((xi))

IAS 33Earnings per Share;

((xii))

IAS 36Impairment of Assets;

((xiii))

IAS 37Provisions, Contingent Liabilities and Contingent Assets;

((xiv))

IAS 39Financial Instruments: Recognition and Measurement;

((xv))

IFRS 1First-time Adoption of International Financial Reporting Standards;

((xvi))

IFRS 2Share-based Payment;

((xvii))

IFRS 3Business Combinations;

((xviii))

IFRS 4Insurance Contracts;

((xix))

IFRS 5Non-Current Assets Held for Sale and Discontinued Operations;

((xx))

IFRS 7Financial Instruments: Disclosures;

((xxi))

IFRS 13Fair Value Measurement;

((xxii))

Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) 2Members' Shares in Cooperative Entities and Similar Instruments;

((xxiii))

IFRIC 5Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds;

((xxiv))

IFRIC 10Interim Financial Reporting and Impairment;

((xxv))

IFRIC 12Service Concession Arrangements;

((xxvi))

IFRIC 16Hedges of a Net Investment in a Foreign Operation;

((xxvii))

IFRIC 19Extinguishing Financial Liabilities with Equity Instruments;

((xxviii))

Interpretation of the Standing Interpretations Committee SIC 27Evaluating the Substance of Transactions Involving the Legal Form of a Lease.

((c))

IFRIC 9Reassessment of Embedded Derivativesis repealed in accordance with IFRS 9 as set out in the Annex to this Regulation.

2. Each company shall cease to apply the following provisions, regarding the references to IFRS 9 as from the commencement date of its first financial year starting on or after 1 January 2018:

((a))

Article 1(2) of Commission Regulation (EU) No 1254/2012³;

((b))

Article 1(2) of Commission Regulation (EU) No 1255/2012⁴;

((c))

Article 1(2) of Commission Regulation (EU) No 183/2013⁵;

((d))

Article 1(2) of Commission Regulation (EU) No 313/2013⁶;

((e))

Article 1(2) of Commission Regulation (EU) No 1174/2013⁷;

((f))

Article 1(2) of Commission Regulation (EU) No 1361/2014⁸;

((g))

Article 1(2) of Commission Regulation (EU) 2015/28⁹;

((h))

Article 1(2) of Commission Regulation (EU) 2015/2173¹⁰;

((i))

Article 1(2) of Commission Regulation (EU) 2015/2441¹¹;

((j))

Article 1(2) of Commission Regulation (EU) 2016/1703¹²;

((k))

Article 1(2) of Commission Regulation (EU) 2016/1905¹³.

3. If a company elects to apply IFRS 9 Financial Instruments for its financial years beginning before 1 January 2018, it shall apply the provisions of paragraph 2 for those financial years.

3 Commission Regulation (EU) No 1254/2012 of 11 December 2012 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 10, International Financial Reporting Standard 11, International Financial Reporting Standard 12, International Accounting Standard 27 (2011), and International Accounting Standard 28 (2011) ( OJ L 360, 29.12.2012, p. 1 ). ↩

4 Commission Regulation (EU) No 1255/2012 of 11 December 2012 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 Accounting Standard 12, International Financial Reporting Standards 1 and 13, and Interpretation 20 of the International Financial Reporting Interpretations Committee ( OJ L 360, 29.12.2012, p. 78 ). ↩

5 Commission Regulation (EU) No 183/2013 of 4 March 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 International Financial Reporting Standard 1 ( OJ L 61, 5.3.2013, p. 6 ). ↩

6 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) ( OJ L 95, 5.4.2013, p. 9 ). ↩

7 Commission Regulation (EU) No 1174/2013 of 20 November 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 International Financial Reporting Standards 10 and 12 and International Accounting Standard 27 ( OJ L 312, 21.11.2013, p. 1 ). ↩

8 Commission Regulation (EU) No 1361/2014 of 18 December 2014 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 Standards 3 and 13 and International Accounting Standard 40 ( OJ L 365, 19.12.2014, p. 120 ). ↩

9 Commission Regulation (EU) 2015/28 of 17 December 2014 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 Standards 2, 3 and 8 and International Accounting Standards 16, 24 and 38 ( OJ L 5, 9.1.2015, p. 1 ). ↩

10 Commission Regulation (EU) 2015/2173 of 24 November 2015 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 11 ( OJ L 307, 25.11.2015, p. 11 ). ↩

11 Commission Regulation (EU) 2015/2441 of 18 December 2015 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 Accounting Standard 27 ( OJ L 336, 23.12.2015, p. 49 ). ↩

12 Commission Regulation (EU) 2016/1703 of 22 September 2016 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 Standards 10 and 12 and International Accounting Standard 28 ( OJ L 257, 23.9.2016, p. 1 ). ↩

13 Commission Regulation (EU) 2016/1905 of 22 September 2016 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 15 ( OJ L 295, 29.10.2016, p. 19 ). ↩