{
  "url": "https://openlegislation.uk/eu-regulation-2008-1004/introduction",
  "json_url": "https://openlegislation.uk/eu-regulation-2008-1004/introduction.json",
  "legislation": "eur/2008/1004",
  "legislation_title": "Commission Regulation (EC) No 1004/2008 of 15 October 2008 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 International Accounting Standard (IAS) 39 and International Financial Reporting Standard (IFRS) 7 (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2008-1004",
  "path": "introduction",
  "kind": "introduction",
  "number": null,
  "heading": "Introductory text",
  "text": "Commission Regulation (EC) No 1004/2008\nof 15 October 2008\namending 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 International Accounting Standard (IAS) 39 and International Financial Reporting Standard (IFRS) 7\n(Text with EEA relevance)\nTHE COMMISSION OF THE EUROPEAN COMMUNITIES,\nHaving regard to the Treaty establishing the European Community,\nHaving 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,\nWhereas:\n(1)\nBy Commission Regulation (EC) No 1725/2003 of 29 September 2003 certain international standards and interpretations that existed on 14 September 2002 were adopted.\n(2)\nOn 13 October 2008, the International Accounting Standards Board (IASB) adopted amendments to international accounting standard (IAS) 39 financial instruments: recognition and measurement and international financial reporting standard (IFRS) 7 financial instruments: disclosures, hereinafter ‘amendments to IAS 39 and IFRS 7’. The amendments to IAS 39 and IFRS 7 allow the reclassification of certain financial instruments out of the category ‘held-for-trading’ in rare circumstances. The current financial crisis is considered to be such a rare circumstance which would justify the use of this possibility by companies.\n(3)\nIn accordance with the amendments to IAS 39 and IFRS 7, companies should be allowed to reclassify certain financial instruments as from 1 July 2008.\n(4)\nThe consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that the amendments to IAS 39 and IFRS 7 meet the technical criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. In accordance with Commission Decision 2006/505/EC of 14 July 2006 setting up a Standards Advice Review Group to advise the Commission on the objectivity and neutrality of the European Financial Reporting Advisory Group’s (EFRAG’s) opinions, the Standards Advice Review Group considered EFRAG’s opinion on endorsement and advised the European Commission that it is well-balanced and objective.\n(5)\nRegulation (EC) No 1725/2003 should therefore be amended accordingly.\n(6)\nConsidering the context of the current financial turmoil and the fact that certain financial instruments are no longer traded or related markets have become inactive or distressed, there is a need to give immediate effect to the amendments allowing for reclassification of certain financial instruments and this Regulation consequently should enter into force as a matter of urgency.\n(7)\nThe measures provided for in this Regulation are in accordance with the opinion of the Accounting Regulatory Committee,\nHAS ADOPTED THIS REGULATION:",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L 243, 11.9.2002, p. 1."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "OJ L 261, 13.10.2003, p. 1."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "OJ L 199, 21.7.2006, p. 33."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2008/1004/introduction",
    "retrieved_at": "2026-11-01T14:51:58.846992+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}