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 (Text with EEA relevance)

• Published date: 23 December 2015
• Subject Matter: Free movement of capital,Freedom of establishment,Internal market - Principles
• Official Gazette Publication: Official Journal of the European Union, L 336, 23 December 2015

23.12.2015 EN Official Journal of the European Union L 336/49

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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

(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 12 August 2014, the International Accounting Standards Board published amendments to International Accounting Standard (IAS) 27 Separate Financial Statements entitled Equity Method in Separate Financial Statements. The objective of the Amendments is to permit entities to use the equity method, as described in IAS 28 Investments in Associates and Joint Ventures, to account for investments in subsidiaries, joint ventures and associates in their separate financial statements.

(3) Amendments to IAS 27 imply by way of consequence amendments to International Financial Reporting Standard (IFRS) 1 and IAS 28 in order to ensure consistency between international accounting standards.

(4) The amendments to IAS 27 contain some references to IFRS 9 that at present cannot be applied as IFRS 9 has not been adopted by the Union. 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.

(5) The European Financial Reporting Advisory Group confirms that the amendments to IAS 27 meet the criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002.

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

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

HAS ADOPTED THIS REGULATION:

Article 1

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

(a) International Financial Reporting Standard (IFRS) 1 First-time Adoption of International Financial Reporting Standards is amended as set out in the Annex to this Regulation;

(b) International Accounting Standard (IAS) 27 Separate Financial Statements is amended as set out in the Annex to this Regulation;

(c) International Accounting Standard 28 Investments in Associates and Joint Ventures is amended as set out in the Annex to this Regulation.

2. Any reference to IFRS 9 as laid down in the Annex to this Regulation shall be read as a reference to IAS 39 Financial Instruments: Recognition and Measurement.

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 2016.

Article 3

This Regulation shall enter into force on the third 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, 18 December 2015.

For the Commission

The President

Jean-Claude JUNCKER

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(1) OJ L 243, 11.9.2002, p. 1.

(2) 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 (OJ L 320, 29.11.2008, p. 1).

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ANNEX

Equity Method in Separate Financial Statements

(Amendments to IAS 27)

Amendments to IAS 27

Separate Financial Statements

Paragraphs 4–7, 10, 11B and 12 are amended and paragraph 18J is added.

DEFINITIONS

4. The following terms are used in this Standard with the meanings specified: … Separate financial statements are those presented by an entity in which the entity could elect, subject to the requirements in this Standard, to account for its investments in subsidiaries, joint ventures and associates either at cost, in accordance with IFRS 9 Financial Instruments, or using the equity method as described in IAS 28 Investments in Associates and Joint Ventures.

5. The following terms are defined in Appendix A of IFRS 10 Consolidated Financial Statements, Appendix A of IFRS 11 Joint Arrangements and paragraph 3 of IAS 28: — associate — equity method — …

6. Separate financial statements are those presented in addition to consolidated financial statements or in addition to the financial statements of an investor that does not have investments in subsidiaries but has investments in

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