1. This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
2. This Regulation shall apply to supervised entities applying IFRS under Regulation (EC) No 1606/2002, including those that apply IFRS for supervisory reporting pursuant to Article 24(2) of Regulation (EU) No 575/2013, for the first time as at the first reporting reference date falling within their next financial year after 31 December 2017.
3. This Regulation shall apply to significant supervised entities which are subject to national accounting frameworks based on Directive 86/635/EEC from 1 January 2018.
4. This Regulation shall apply to less significant supervised entities which are subject to national accounting frameworks based on Directive 86/635/EEC from 1 January 2018.
5. Notwithstanding the above, the ECB may decide, at the request of an NCA, to apply this Regulation to less significant supervised entities which are subject to national accounting frameworks based on Directive 86/635/EEC and established in the Member State of that NCA from 1 January 2019 if such national accounting framework is not compatible with IFRS.