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29.12.2012 Official
Journal
of
the
European
Union L
360/145
COMMISSION REGULATION (EU) No 1256/2012
of 13 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 Financial Reporting Standard 7 and International Accounting Standard 32
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
However, the deletion of paragraph 13 of IFRS 7 was
inadvertently omitted. This Regulation should remedy
this omission. In order for this provision to be efficient,
it should apply from 1 July 2011. The provision of retro
Having regard to the Treaty on the Functioning of the European
activity is necessary with the view to ensure legal
Union,
certainty for the issuers concerned.
Having regard to Regulation (EC) No 1606/2002 of the
(4) The
consultation
with
the
Technical
Expert
Group
(TEG)
European Parliament and of the Council of 19 July 2002 on
of the European Financial Reporting Advisory Group
the application of international accounting standards ( 1 ), and in
(EFRAG) confirms that the amendments to IFRS 7 and
particular Article 3(1) thereof,
IAS 32 meet the technical criteria for adoption set out in
Article 3(2) of Regulation (EC) No 1606/2002.
Whereas:
(5) Regulation
(EC)
No
1126/2008
should
therefore
be
amended accordingly.
(1) By
Commission
Regulation
(EC)
No
1126/2008
( 2 )
certain international standards and interpretations that
were in existence at 15 October 2008 were adopted.
(6) The
measures
provided
for
in
this
Regulation
are
in

accordance with the opinion of the Accounting Regu
latory Committee,
(2) On
16
December
2011,
the
International
Accounting
Standards Board (IASB) published amendments to Inter
HAS ADOPTED THIS REGULATION:
national Financial Reporting Standard (IFRS) 7 Financial
Instruments: Disclosures –Offsetting Financial Assets and
Financial Liabilities and to International Accounting
Standard (IAS) 32 Financial Instruments: Presentation -
Article 1
Offsetting Financial Assets and Financial Liabilities. The
The Annex to Regulation (EC) No 1126/2008 is amended as
amendment to IFRS 7 aims to require the provision of
follows:
additional quantitative information in order to allow the
users to better compare and reconcile the disclosures
under IFRS and the Generally Accepted Accounting Prin
ciples (GAAP) of the United States. In addition, the IASB
(1) International Financial Reporting Standard (IFRS) 7 Financial
amended IAS 32 to provide additional guidance to
Instruments: Disclosures is amended as set out in the Annex
reduce inconsistent application of the standard in
to this Regulation;
practice.
(2) International Accounting Standard (IAS) 32 Financial Instru
(3) The
amendments
to
IFRS
7
Financial
Instruments:
ments: Presentation is amended in accordance with the
Disclosures – Transfers of Financial Assets were
amendments to IFRS 7 as set out in the Annex to this
adopted by Commission Regulation (EU) No 1205/2011
Regulation;
of 22 November 2011 amending Regulation (EC)
No 1126/2008 adopting certain international accounting
standards in accordance with Regulation (EC)
(3) IAS 32 Financial Instruments: Presentation is amended as set
No 1606/2002 of the European Parliament and of the
out in the Annex to this Regulation;
Council as regards International Financial Reporting
Standard (IFRS) 7 ( 3 ) after being approved by the
Accounting Regulatory Committee in June 2011.
(4) The heading before paragraph 13 and paragraph 13 of IFRS
7 are deleted in accordance with the amendments to IFRS 7
( 1 ) OJ L 243, 11.9.2002, p. 1.
( 2 ) OJ L 320, 29.11.2008, p. 1.
Financial Instruments: Disclosures –Transfers of Financial Assets
( 3 ) OJ L 305, 23.11.2011, p. 16.
as adopted by Regulation (EU) No 1205/2011.

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L 360/146
EN
Official Journal of the European Union
29.12.2012
Article 2
3. Each
company
shall
apply
the
amendments
referred
to
in
point (4) of Article 1 as from the commencement date of its
1. Each
company
shall
apply
the
amendments
referred
to
in first financial year starting on or after 1 July 2011.
points (1) and (2) of Article 1 as from the commencement date
of its first financial year starting on or after 1 January 2013.
Article 3
2. Each
company
shall
apply
the
amendments
referred
to
in
point (3) of Article 1, at the latest, as from the commencement
This Regulation shall enter into force on the third day following
date of its first financial year starting on or after 1 January
that of its publication in the Official Journal of the European
2014.
Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 13 December 2012.
For the Commission
The President
José Manuel BARROSO

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EN
29.12.2012 Official
Journal
of
the
European
Union L
360/147
ANNEX
INTERNATIONAL ACCOUNTING STANDARDS
IFRS 7 Amendments
to
IFRS
7 Financial Instruments: Disclosures – Offsetting Financial Assets and Financial
Liabilities
IAS 32 Amendments
to
IAS
32 Financial Instruments: Presentation – Offsetting Financial Assets and Financial
Liabilities
"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