# Commission Regulation (EC) No 1329/2006 of 8 September 2006 amending Regulation (EC) No 1725/2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards the International Financial Reporting Interpretations Committee's (IFRIC's) Interpretations 8 and 9 (Text with EEA relevance), Introduction: Introductory text

Extent: E+W+S+N.I.

Commission Regulation (EC) No 1329/2006
of 8 September 2006
amending Regulation (EC) No 1725/2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards the International Financial Reporting Interpretations Committee's (IFRIC's) Interpretations 8 and 9
(Text with EEA relevance)
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European Community,
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, and in particular Article 3(1) thereof,
Whereas:
(1)
By Commission Regulation (EC) No 1725/2003 certain international standards and interpretations that were extant at 14 September 2002 were adopted.
(2)
On 12 January 2006, the International Financial Reporting Interpretations Committee (IFRIC) published IFRIC Interpretation 8 Scope of IFRS 2. IFRIC 8 clarifies that the accounting standard International Financial Reporting Standard (IFRS) 2 Share-based Payment applies to arrangements where an entity makes share-based payments for apparently nil or inadequate consideration.
(3)
On 1 March 2006, IFRIC published IFRIC Interpretation 9 Reassessment of Embedded Derivatives. IFRIC 9 clarifies certain aspects of the treatment of embedded derivatives under IAS 39 Financial Instruments: Recognition and Measurement.
(4)
The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that IFRIC 8 and IFRIC 9 meet the technical criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002.
(5)
Regulation (EC) No 1725/2003 should therefore be amended accordingly.
(6)
The measures provided for in this Regulation are in accordance with the opinion of the Accounting Regulatory Committee,
HAS ADOPTED THIS REGULATION:

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Source: https://www.legislation.gov.uk/eur/2006/1329/introduction (the official version)
Page: https://openlegislation.uk/eu-regulation-2006-1329/introduction
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.