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Commission Regulation (EU) 2019/2075 of 29 November 2019 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 Standards 1, 8, 34, 37 and 38, International Financial Reporting Standards 2, 3 and 6, Interpretations 12, 19, 20 and 22 of the International Financial Reporting Interpretations Committee and Interpretation 32 of the Standing Interpretations Committee (Text with EEA relevance)

Commission Regulation (EU) 2019/2075 of 29 November 2019 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 Standards 1, 8, 34, 37 and 38, International Financial Reporting Standards 2, 3 and 6, Interpretations 12, 19, 20 and 22 of the International Financial Reporting Interpretations Committee and Interpretation 32 of the Standing Interpretations Committee (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 standards(1), and in particular Article 3(1) thereof,

Whereas:

  1. By Commission Regulation (EC) No 1126/2008(2) certain international standards and interpretations that were in existence at 15 October 2008 were adopted.

  2. On 29 March 2018, the International Accounting Standards Board issued amendments to references in the conceptual framework in International Financial Reporting Standards. The objective of the amendments is to update existing references in several standards and interpretations to previous frameworks with references to the revised conceptual framework.

  3. The consultations with the European Financial Reporting Advisory Group, confirm that the amendments to International Accounting Standard (IAS) 1 Presentation of financial statements, IAS 8 Accounting policies, changes in accounting estimates and errors, IAS 34 Interim financial reporting, IAS 37 Provisions, contingent liabilities and contingent assets and IAS 38 Intangible assets, and International Financial Reporting Standard (IFRS) 2 Share-based payment, IFRS 3 Business Combinations and IFRS 6 Exploration for and evaluation of mineral resources, and Interpretation 12 of the International Financial Reporting Interpretations Committee (IFRIC) Service Concession Arrangements, IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments, IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine and IFRIC 22 Foreign Currency Transactions and Advance Consideration, and Interpretation 32 of the Standing Interpretations Committee (SIC) Intangible assets — website costs meet the criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002.

  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:

Article 1

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

  1. International Accounting Standard (IAS) 1 Presentation of financial statements is amended as set out in the Annex to this Regulation;

  2. IAS 8 Accounting policies, changes in accounting estimates and errors is amended as set out in the Annex to this Regulation;

  3. IAS 34 Interim financial reporting is amended as set out in the Annex to this Regulation;

  4. IAS 37 Provisions, contingent liabilities and contingent assets is amended as set out in the Annex to this Regulation;

  5. IAS 38 Intangible assets is amended as set out in the Annex to this Regulation;

  6. International Financial Reporting Standard (IFRS) 2 Share-based payment is amended as set out in the Annex to this Regulation;

  7. IFRS 3 Business Combinations is amended as set out in the Annex to this Regulation;

  8. IFRS 6 Exploration for and evaluation of mineral resources is amended as set out in the Annex to this Regulation;

  9. Interpretation 12 of the International Financial Reporting Interpretations Committee (IFRIC 12) Service Concession Arrangements is amended as set out in the Annex to this Regulation;

  10. IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments is amended as set out in the Annex to this Regulation;

  11. IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine is amended as set out in the Annex to this Regulation;

  12. IFRIC 22 Foreign Currency Transactions and Advance Consideration is amended as set out in the Annex to this Regulation;

  13. Interpretation 32 of the Standing Interpretations Committee (SIC-32) Intangible assets — websitecosts is amended as set out in the Annex to this Regulation.

Article 2

Each company shall apply the amendments referred to in Article 1, at the latest, as from the commencement date of its first financial year starting on or after 1 January 2020.

Article 3

This Regulation shall enter into force on the twentieth 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, 29 November 2019.

For the Commission

The President

Jean-Claude Juncker

ANNEXAmendments to References to the Conceptual Framework in IFRS StandardsAmendments to IFRS Standards