Regulation 2008/1126 - International accounting standards in accordance with Regulation 1606/2002 - Main contents
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official title
Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2008/1126 |
| CELEX number i | 32008R1126 |
| Document | 03-11-2008 |
|---|---|
| Publication in Official Journal | 29-11-2008; Special edition in Croatian: Chapter 13 Volume 046,OJ L 320, 29.11.2008 |
| Effect | 02-12-2008; Entry into force Date pub. + 3 See Art 3 |
| End of validity | 15-10-2023; Repealed by 32023R1803 |
29.11.2008 |
EN |
Official Journal of the European Union |
L 320/1 |
COMMISSION REGULATION (EC) No 1126/2008
of 3 November 2008
adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council
(Text with EEA relevance)
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European Community,
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) |
Regulation (EC) No 1606/2002 requires that for each financial year starting on or after 1 January 2005, publicly traded companies governed by the law of a Member State are, under certain conditions, to prepare their consolidated accounts in conformity with international accounting standards as defined in Article 2 of that Regulation. |
(2) |
By Commission Regulation (EC) No 1725/2003 of 29 September 2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (2), certain international standards and interpretations that were in existence at 14 September 2002 were adopted. The Commission, having considered the advice provided by the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG), has amended that Regulation in order to include all standards presented by the International Accounting Standards Board (IASB) as well as all interpretations presented by the International Financial Reporting Interpretations Committee (IFRIC) and adopted within the Community by 15 October 2008 in full, except for IAS 39 (related to recognition and measurement of financial instruments), of which limited parts have been omitted. |
(3) |
The different international standards have been adopted by a number of amending regulations. This causes legal uncertainty and difficulty in correctly applying international accounting standards in the Community. In order to simplify Community legislation on accounting standards, it is appropriate, for the sake of clarity and transparency, to incorporate in a single text the standards presently contained in Regulation (EC) No 1725/2003 and the acts amending it. |
(4) |
Regulation (EC) No 1725/2003 should therefore be replaced by this Regulation. |
(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 international accounting standards, as defined in Article 2 of Regulation (EC) No 1606/2002, shall be adopted as set out in the Annex hereto.
Article 2
Regulation (EC) No 1725/2003 is hereby repealed.
References to the repealed Regulation shall be construed as references to this Regulation.
Article 3
This Regulation shall enter into force on the third day following 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, 3 November 2008.
For the Commission
Charlie McCREEVY
Member of the Commission
ANNEX
INTERNATIONAL ACCOUNTING STANDARDS
IAS 1 |
Presentation of financial statements |
IAS 2 |
Inventories |
IAS 7 |
Cash-flow statements |
IAS 8 |
Accounting policies, changes in accounting estimates and errors |
IAS 10 |
Events after the balance sheet date |
IAS 11 |
Construction contracts |
IAS 12 |
Income taxes |
IAS... |
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