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29.12.2012 Official
Journal
of
the
European
Union
L
360/1
II
(Non-legislative acts)
REGULATIONS
COMMISSION REGULATION (EU) No 1254/2012
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 Financial Reporting Standard 10, International Financial Reporting Standard
11, International Financial Reporting Standard 12, International Accounting Standard 27 (2011), and
International Accounting Standard 28 (2011)
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
and replaces IAS 31 Interests in Joint Ventures and SIC-13
Jointly Controlled Entities–Non-monetary Contributions by
Venturers. IFRS 12 combines, enhances and replaces the
disclosure requirements for subsidiaries, joint arrange
Having regard to the Treaty on the Functioning of the European
ments, associates and unconsolidated structured entities.
Union,
As a consequence of these new IFRSs, the IASB also
issued the amended IAS 27 and IAS 28.
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 (
(3)
This Regulation endorses IFRS 10, IFRS 11, IFRS 12, and

1 ), and in
particular Article 3(1) thereof,
the amended IAS 27 and IAS 28, as well as the resulting
amendments to other standards and interpretations.
Those standards and amendments to existing standards
or interpretations contain some references to IFRS 9 that
Whereas:
at present cannot be applied as IFRS 9 has not been
adopted by the Union yet. Therefore, any reference to
IFRS 9 as laid down in the Annex to this Regulation
should be read as a reference to IAS 39 Financial Instru
(1) By
Commission
Regulation
(EC)
No
1126/2008
( 2 )
ments: Recognition and Measurement. Additionally, any
certain international standards and interpretations that
consequential amendment to IFRS 9 resulting from the
were in existence at 15 October 2008 were adopted.
Annex to this Regulation cannot be applied.
(2) On
12
May
2011,
the
International
Accounting (4) The
consultation
with
the
Technical
Expert
Group
(TEG)
Standards Board (IASB) published International Financial
of the European Financial Reporting Advisory Group
Reporting Standard (IFRS) 10 Consolidated Financial State
(EFRAG) confirms that IFRS 10, IFRS 11, IFRS 12, and
ments, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of
the amended IAS 27 and IAS 28 meet the technical
Interests in Other Entities, as well the amended Inter
criteria for adoption set out in Article 3(2) of Regulation
national Accounting Standard (IAS) 27 Separate Financial
(EC) No 1606/2002.
Statements and IAS 28 Investment in Associates and Joint
Ventures. The objective of IFRS 10 is to provide a single
consolidation model that identifies control as the basis
for consolidation for all types of entities. IFRS 10
replaces IAS 27 Consolidated and Separate Financial
(5) Regulation
(EC)
No
1126/2008
should
therefore
be
Statements and Interpretation 12 of the Standing Inter
amended accordingly.
pretations Committee (SIC) Consolidation—Special Purpose
Entities (SIC-12). IFRS 11 establishes principles for the
financial reporting by parties to a joint arrangement,
(6) 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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L 360/2
EN
Official Journal of the European Union
29.12.2012
HAS ADOPTED THIS REGULATION:
(f) IAS 1, and IAS 24 are amended in accordance with IFRS 12
as set out in the Annex to this Regulation;
Article 1
1. The
Annex
to
Regulation
(EC)
No
1126/2008
is
amended (g) The amended IAS 27 Separate Financial Statements is inserted
as follows:
as set out in the Annex to this Regulation;
(a) International Financial Reporting Standard (IFRS) 10
(h) The amended IAS 28 Investment in Associates and Joint
Consolidated Financial Statements is inserted as set out in
Ventures is inserted as set out in the Annex to this Regu
the Annex to this Regulation;
lation.
(b) IFRS 1, IFRS 2, IFRS 3, IFRS 7, International Accounting
2. Any
reference
to
IFRS
9
as
laid
down
in
the
Annex
to
this
Standard (IAS) 1, IAS 7, IAS 21, IAS 24, IAS 27, IAS 32,
Regulation shall be read as a reference to IAS 39 Financial
IAS 33, IAS 36, IAS 38, IAS 39, and Interpretation 5 of the
Instruments: Recognition and Measurement.
International Financial Reporting Interpretations Committee
(IFRIC 5) are amended, and Interpretation 12 of the
Standing Interpretations Committee (SIC-12) is replaced in
3. Any
consequential
amendment
to
IFRS
9
resulting
from
accordance with IFRS 10 as set out in the Annex to this
the Annex to this Regulation shall not be applied.
Regulation;
Article 2
(c) IFRS 11 Joint Arrangements is inserted as set out in the
Annex to this Regulation;
Each company shall apply IFRS 10, IFRS 11, IFRS 12, the
amended IAS 27, the amended IAS 28, and the consequential
amendments referred to in points (b), (d) and (f) of Article 1(1),
(d) IFRS 1, IFRS 2, IFRS 5, IFRS 7, IAS 7, IAS 12, IAS 18, IAS
at the latest, as from the commencement date of its first
21, IAS 24, IAS 32, IAS 33, IAS 36, IAS 38, IAS 39, IFRIC
financial year starting on or after 1 January 2014.
5, IFRIC 9, and IFRIC 16 are amended, and IAS 31 and SIC-
13 are replaced in accordance with IFRS 11 as set out in the
Annex to this Regulation;
Article 3
This Regulation shall enter into force on the third day following
(e) IFRS 12 Disclosure of Interests in Other Entities is inserted as
that of its publication in the Official Journal of the European
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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EN
29.12.2012 Official
Journal
of
the
European
Union
L
360/3
ANNEX
INTERNATIONAL ACCOUNTING STANDARDS
IFRS 10 IFRS
10
Consolidated
Financial
Statements
IFRS 11 IFRS
11
Joint
Arrangements
IFRS 12 IFRS
12
Disclosure
of
Interests
in
Other
Entities
IAS 27 IAS
27
Separate
Financial
Statements
IAS 28 IAS
28
Investment
in
Associates
and
Joint
Ventures
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