Article 1

The Annex to Regulation (EC) No 1725/2003 is amended as follows:

1. (1)

   The International Accounting Standard (IAS) 22 and the interpretations by the Standard Interpretation Committee (SIC) Nos 9, 22 and 28 are replaced by International Financial Reporting Standard (IFRS) 3 [Business combinations] as set out in the Annex to this Regulation;

2. (2)

   The (IFRS) Nos 4 [Insurance contracts] is inserted as set out in the Annex to this Regulation;

3. (3)

   IAS 35 is replaced by IFRS 5 [Non-current assets held for sale and discontinued operations] as set out in the Annex to this Regulation;

4. (4)

   IASs Nos 36 and 38 are replaced by IASs Nos 36 and 38 as set out in the Annex to this Regulation;

5. (5)

   The adoption of IFRS 3 implies, by way of consequence, amendments to IFRS 1, to IASs 12, 14, 16, 19, 27, 28, 31, 32, 33, 34, 37, 39 and to SIC 32 in order to ensure consistency between accounting standards;

6. (6)

   The adoption of IFRS 4 implies, by way of consequence, amendments to IFRS 1 and to IASs 18, 19, 32, 37, 39, 40 in order to ensure consistency between international accounting standards;

7. (7)

   The adoption of IFRS 5 implies, by way of consequence, amendments to IFRS 1, IFRS 3 and to IASs 1, 10, 16, 17, 27, 28, 31, 36, 37, 38, 40, 41 in order to ensure consistency between international accounting standards;