HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 360/78
EN
Official Journal of the European Union
29.12.2012
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
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
single IFRS framework for measuring fair value and
provides comprehensive guidance on how to measure
the fair value of both financial and non-financial assets
Having regard to the Treaty on the Functioning of the European
and liabilities. IFRS 13 applies when another IFRS
Union,
requires or permits fair value measurement or disclosures
about fair value measurements.
Having regard to Regulation (EC) No 1606/2002 of the
European Parliament and of the Council of 19 July 2002 on
(4) On
19
October
2011,
the
IASB
issued
Interpretation
20
the application of international accounting standards ( 1 ), and in
of the International Financial Reporting Interpretations
particular Article 3(1) thereof,
Committee ('IFRIC") Stripping Costs in the Production
Phase of a Surface Mine ("IFRIC 20"). The objective of
IFRIC 20 is to provide guidance on recognition of
Whereas:
production stripping costs as an asset and on the
initial and subsequent measurement of the stripping
activity asset in order to reduce the diversity in practice
as to how entities account for stripping costs incurred in
(1) By
Commission
Regulation
(EC)
No
1126/2008
( 2 )
the production phase of a surface mine.
certain international standards and interpretations that
were in existence at 15 October 2008 were adopted.
(5) This
Regulation
endorses
the
amendments
to
IAS
12,
the
(2) On
20
December
2010,
the
International
Accounting
amendments to IFRS 1, IFRS 13, IFRIC 20, and the
Standards Board (IASB) published amendments to Inter
resulting amendments to other standards and interpre
national Financial Reporting Standard ('IFRS') 1 First-time
tations. Those standards, amendments to existing
Adoption of International Financial Reporting Standards -
standards or interpretations contain some references to
Severe Hyperinflation and Removal of Fixed Dates for First-
IFRS 9 that at present cannot be applied as IFRS 9 has
time Adopters (hereinafter "the amendments to IFRS 1")
not been adopted by the Union yet. Therefore, any
and to International Accounting Standard ('IAS') 12
reference to IFRS 9 as laid down in the Annex to this
Income Taxes - Deferred Tax: Recovery of Underlying
Regulation should be read as a reference to IAS 39
Assets (hereinafter "the amendments to IAS 12"). The
Financial Instruments: Recognition and Measurement.
objective of the amendments to IFRS 1 is to introduce
Additionally, any consequential amendment to IFRS 9
a new exemption in the scope of IFRS 1 – namely,
resulting from the Annex to this Regulation cannot be
entities that have been subject to severe hyperinflation
applied.
are allowed to use fair value as the deemed cost of their
assets and liabilities in their opening IFRS statement of
financial position. In addition, those amendments also
replace the references to fixed dates in IFRS 1 with
(6) The
consultation
with
the
Technical
Expert
Group
(TEG)
references to the date of transition. As to IAS 12, it
of the European Financial Reporting Advisory Group
prescribes the accounting treatment for income taxes.
(EFRAG) confirms that the amendments to IAS 12 and
The objective of the amendments to IAS 12 is to
the amendments to IFRS 1 as well as IFRS 13 and IFRIC
introduce an exception to the measurement principle in
20 meet the technical criteria for adoption set out in
IAS 12 in the form of a rebuttable presumption that
Article 3(2) of Regulation (EC) No 1606/2002.
assumes that the carrying amount of an investment
property measured at fair value would be recovered
through sale and an entity would be required to use
the tax rate applicable to the sale of underlying asset.
(7) Regulation
(EC)
No
1126/2008
should
therefore
be
amended accordingly.
(3) On
12
May
2011,
the
IASB
issued
IFRS
13 Fair Value
Measurement (hereinafter "IFRS 13"). IFRS 13 sets out a
(8) The
measures
provided
for
in
this
Regulation
are
in
( 1 ) OJ L 243, 11.9.2002, p. 1.
accordance with the opinion of the Accounting Regu
( 2 ) OJ L 320, 29.11.2008, p. 1.
latory Committee,

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EN
29.12.2012 Official
Journal
of
the
European
Union L
360/79
HAS ADOPTED THIS REGULATION:
(f) IFRIC Interpretation 20 Stripping Costs in the Production Phase
of a Surface Mine is inserted as set out in the Annex to this
Regulation;
Article 1
1. The
Annex
to
Regulation
(EC)
No
1126/2008
is
amended (g) IFRS 1 is amended in accordance with IFRIC 20 as set out
as follows:
in the Annex to this Regulation.
2. Any reference to IFRS 9 as laid down in the Annex to this
(a) International Accounting Standard (IAS) 12 Income Taxes is
Regulation shall be read as a reference to IAS 39 Financial
amended as set out in the Annex to this Regulation;
Instruments: Recognition and Measurement.
(b) Interpretation 21 of the Standing Interpretations Committee
3. Any
consequential
amendment
to
IFRS
9
resulting
from
(SIC) is deleted in accordance with the amendments to IAS
the Annex to this Regulation shall not be applied.
12 as set out in the Annex to this Regulation.
Article 2
(c) International Financial Reporting Standard (IFRS) 1 First-time
1. Each
company
shall
apply
the
amendments
referred
to
in
Adoption of International Financial Reporting Standards is
points (a), (b) and (c) of Article 1(1) at the latest, as from the
amended as set out in the Annex to this Regulation;
commencement date of its first financial year starting on or
after the date of entry into force of this Regulation.
(d) IFRS 13 Fair Value Measurement is inserted as set out in the
2. Each company shall apply IFRS 13, IFRIC 20, and the
Annex to this Regulation;
consequential amendments as referred to in points (d) – (g) of
Article 1(1), at the latest, as from the commencement date of its
first financial year starting on or after 1 January 2013.
(e) IFRS 1, IFRS 2, IFRS 3, IFRS 4, IFRS 5, IFRS 7, IAS 1, IAS 2,
IAS 8, IAS 10, IAS 16, IAS 17, IAS 18, IAS 19, IAS 20, IAS
Article 3
21, IAS 28, IAS 31, IAS 32, IAS 33, IAS 34, IAS 36, IAS
38, IAS 39, IAS 40, IAS 41, IFRIC 2, IFRIC 4, IFRIC 13,
This Regulation shall enter into force on the third day following
IFRIC 17 and IFRIC 19 are amended in accordance with
that of its publication in the Official Journal of the European
IFRS 13 as set out in the Annex to this Regulation;
Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 11 December 2012.
For the Commission
The President
José Manuel BARROSO

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L 360/80
EN
Official Journal of the European Union
29.12.2012
ANNEX
INTERNATIONAL ACCOUNTING STANDARDS
IFRS 1 IFRS
1 First-time Adoption - Severe Hyperinflation and Removal of Fixed Dates for
First-time Adopters
IAS 12 IAS
12 Income Taxes - Deferred Tax: Recovery of Underlying Assets
IFRS 13 IFRS
13 Fair Value Measurement
IFRIC 20 IFRIC
Interpretation
20 Stripping Costs in the Production Phase of a Surface Mine
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information can be obtained from the IASB at www.iasb.org"