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EU formally adopts various new or amended IFRSs and IFRIC 20

Dec 29, 2012

The European Union has published Commissions Regulations endorsing the "package of five" standards on consolidation (IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011)), IFRS 13, IFRIC 20, and amendments to IFRS 1 (hyperinflation and fixed dates), IAS 12 (recovery of underlying assets) and IFRS 7/IAS 32 (offsetting). The "package of five" standards come with a European effective date of 1 January 2014. However, early application is permitted.

Overview of the pronouncements adopted today

PronouncementEntry in the Official JournalIASB effective dateEU effective date

IFRS 10 Consolidated Financial Statements

Commission Regulation (EU) No 1254/2012

1 January 2013

1 January 2014 (early application permitted)

IFRS 11 Joint Arrangements

Commission Regulation (EU) No 1254/2012 1 January 2013 1 January 2014 (early application permitted)
IFRS 12 Disclosure of Interests in Other Entities Commission Regulation (EU) No 1254/2012 1 January 2013 1 January 2014 (early application permitted)
IAS 27 Separate Financial Statements (2011) Commission Regulation (EU) No 1254/2012 1 January 2013 1 January 2014 (early application permitted)
IAS 28 Investments in Associates and Joint Ventures (2011) Commission Regulation (EU) No 1254/2012 1 January 2013 1 January 2014 (early application permitted)
IFRS 13 Fair Value Measurement Commission Regulation (EU) No 1255/2012 1 January 2013 1 January 2013 (early application permitted)
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Commission Regulation (EU) No 1255/2012 1 January 2013 1 January 2013 (early application permitted)
IFRS 1 First-time Adoption - Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (amendments to IFRS 1)
Commission Regulation (EU) No 1255/2012 1 July 2011 at the latest from the commencement date of the first financial year starting on or after the date of entry into force of the Regulation (the third day following that of its publication in the Official Journal)
IAS 12 Income Taxes - Deferred Tax: Recovery of Underlying Assets (amendments to IAS 12) Commission Regulation (EU) No 1255/2012 1 January 2012 at the latest from the commencement date of the first financial year starting on or after the date of entry into force of the Regulation (the third day following that of its publication in the Official Journal)
IFRS 7 Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities (amendments to IFRS 7) Commission Regulation (EU) No 1256/2012 1 January 2013 1 January 2013
IAS 32 Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities (amendments to IAS 32) Commission Regulation (EU) No 1256/2012 1 January 2014 1 January 2014 (early application permitted)