HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"EN
19.2.2011 Official
Journal
of
the
European
Union
L
46/1
II
(Non-legislative acts)
REGULATIONS
COMMISSION REGULATION (EU) No 149/2011
of 18 February 2011
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 Improvements to International Financial Reporting Standards (IFRSs)
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
(3) The
consultation
with
the
Technical
Expert
Group
(TEG)
of the European Financial Reporting Advisory Group
(EFRAG) confirms that the Improvements meet the
technical criteria for adoption set out in Article 3(2) of
Having regard to the Treaty on the Functioning of the European
Regulation (EC) No 1606/2002. In accordance with
Union,
Commission Decision 2006/505/EC of 14 July 2006
setting up a Standards Advice Review Group to advise
the Commission on the objectivity and neutrality of the
Having regard to Regulation (EC) No 1606/2002 of the
European Financial Reporting Advisory Group's
European Parliament and of the Council of 19 July 2002 on
(EFRAG's) opinions ( 3 ), the Standards Advice Review
the application of international accounting standards (
Group considered EFRAG's opinion on endorsement

1 ), and in
particular Article 3(1) thereof,
and advised the Commission that it is well-balanced
and objective.
Whereas:
(4) Regulation
(EC)
No
1126/2008
should
therefore
be
amended accordingly.
(1) By
Commission
Regulation
(EC)
No
1126/2008
of
3 November 2008 adopting certain international
accounting standards in accordance with Regulation
(5) The
measures
provided
for
in
this
Regulation
are
in
(EC) No 1606/2002 of the European Parliament and of
accordance with the opinion of the Accounting Regu
the Council ( 2 ) certain international standards and inter
latory Committee,
pretations that were in existence at 15 October 2008
were adopted.
HAS ADOPTED THIS REGULATION:
(2) On
10
May
2010,
the
International
Accounting
Standards Board (IASB) published Improvements to Inter
national Financial Reporting Standards, hereinafter ‘the
Article 1
Improvements’, in the framework of its annual
The Annex to Regulation (EC) No 1126/2008 is amended as
improvement process which aims at streamlining and
follows:
clarifying the international accounting standards. The
majority of the amendments are clarifications or
corrections of existing International Financial Reporting
Standards (IFRS) or amendments consequential to
1. International Financial Reporting Standard (IFRS) 1 is
changes previously made to IFRS. Three amendments
amended as set out in the Annex to this Regulation;
(two amendments to IFRS 1 and one amendment to
IAS 34) involve changes to the existing requirements
or additional guidance on the implementation of those
requirements.
2. IFRS 7 is amended as set out in the Annex to this Regu
lation;
( 1 ) OJ L 243, 11.9.2002, p. 1.
( 2 ) OJ L 320, 29.11.2008, p. 1.
( 3 ) OJ L 199, 21.7.2006, p. 33.

---

L 46/2
EN
Official Journal of the European Union
19.2.2011
3. IFRS 3 is amended as set out in the Annex to this Regu
8. IAS 21, IAS 28 and IAS 31 are amended in accordance with
lation;
IAS 27as set out in the Annex to this Regulation.
Article 2
4. International Accounting Standard (IAS) 1 is amended as set
out in the Annex to this Regulation;
Each company shall apply the amendments referred to in points
(3), (7) and (8) of Article 1, at the latest, as from the
commencement date of its first financial year starting after
5. IAS 34 is amended as set out in the Annex to this Regu
30 June 2010.
lation;
Each company shall apply the amendments referred to in points
(1), (2), (4), (5) and (6) of Article 1, at the latest, as from the
6. International Financial Reporting Interpretations Committee's
commencement date of its first financial year starting after
(IFRIC) Interpretation 13 is amended as set out in the Annex
31 December 2010.
to this Regulation;
Article 3
7. IFRS 7, IAS 32 and IAS 39 are amended in accordance with
This Regulation shall enter into force on the third day following
the amendments to IFRS 3 as set out in the Annex to this
that of its publication in the Official Journal of the European
Regulation;
Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 18 February 2011.
For the Commission
The President
José Manuel BARROSO

---

EN
19.2.2011 Official
Journal
of
the
European
Union
L
46/3
ANNEX
INTERNATIONAL ACCOUNTING STANDARDS
Improvements to International Financial Reporting Standards
‘Reproduction allowed within the European Economic Area. All existing rights reserved outside the EEA, with
the exception of the right to reproduce for the purposes of personal use or other fair dealing. Further
information can be obtained from the IASB at www.iasb.org