EC published Regulation (EU) 2018/498, which amends Regulation (EC) No 1126/2008, adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 as regards International Financial Reporting Standard (IFRS) 9. In the Annex to Regulation (EC) No 1126/2008, IFRS 9 Financial Instruments is being amended as set out in the Annex to this Regulation. Each company shall apply the amendments from the commencement date of its first financial year starting on or after January 01, 2019. This Regulation shall enter into force on the third day following that of its publication in the Official Journal of the European Union.
IASB, on October 12, 2017, published amendments to the IFRS 9 Financial Instruments Prepayment features with Negative Compensation. The amendments are intended to clarify the classification of particular prepayable financial assets when applying IFRS 9. IASB set the effective date of the amendments as 1 January 2019 with earlier application permitted. Following consultations with the European Financial Reporting Advisory Group, EC concludes that the amendments to IFRS 9 meet the criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. Regulation (EC) No 1126/2008 is, therefore, being amended accordingly.
Related Link: Regulation (EU) 2018/498
Effective Date: March 29, 2018
Keywords: Europe, EU, Banking, Accounting, IFRS 9, Prepayment Features, Regulation 2018/498, Reporting, EC
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