EC published the EU Regulation 2019/237 that amends Regulation (EC) No 1126/2008 adopting certain international accounting standards, in accordance with Regulation (EC) No 1606/2002 regarding International Accounting Standard (IAS) 28 on Investments in Associates and Joint Ventures. Regulation 2019/237 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Through Commission Regulation (EC) No 1126/2008, certain international standards and interpretations that were in existence at October 15, 2008 were adopted. On October 12, 2017, IASB published long-term interests in associates and joint ventures (Amendments to IAS 28), in the framework of its regular improvement process, which aims to streamline and clarify certain standards. The objective of the amendments is to clarify that the impairment requirements of International Financial Reporting Standard (IFRS) 9 on financial instruments apply to long-term interests in associates and joint ventures. Following the consultation with the European Financial Reporting Advisory Group, EC concludes that the amendments to IAS 28 on investments in associates and joint ventures meet the criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. Regulation (EC) No 1126/2008 should, therefore, be amended accordingly. IAS 28 has been amended, as set out in the Annex to Regulation (EU) 2019/237. Each company shall apply the amendments from the commencement date of its first financial year starting on or after January 01, 2019.
Effective Date: March 03, 2019
Keywords: Europe, EU, Banking, Accounting, IFRS 9, Financial Instruments, IAS 28, Associates and Joint Ventures, Regulation 2019/237, Regulation 1126/2008, IASB, EC
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