Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (Text with EEA relevance) (revoked)
EU Regulation No 1126/2008 · Adopted 3 November 2008 · Extends to United Kingdom
Commission Regulation (EC) No 1126/2008
of 3 November 2008
adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council
(Text with EEA relevance) (revoked)
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Annotations to the whole text
Textual amendments
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Regulation revoked (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 2 para. 1 (with reg. 20(2)) (as amended by S.I. 2020/335, regs. 1, 5); 2020 c. 1, Sch. 5 para. 1(1)
Contents
- 1Article 1 Repealed
- 2Article 2 Repealed
- 3Article 3 Repealed
- Signature
- Annex INTERNATIONAL ACCOUNTING STANDARDS Repealed
- INTERNATIONAL ACCOUNTING STANDARD 1Presentation of Financial Statements Repealed
- IFRIC INTERPRETATION 1Changes in existing decommissioning, restoration and similar liabilities Repealed
- SIC INTERPRETATION 7Introduction of the euro Repealed
1F1
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2F1
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3F1
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Signature
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INTERNATIONAL ACCOUNTING STANDARDSF1
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INTERNATIONAL ACCOUNTING STANDARD 1Presentation of Financial StatementsF1
OBJECTIVE
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1
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SCOPE
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2
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3
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4
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5
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6
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DEFINITIONS
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7
The following terms are used in this Standard with the meanings specified:
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8
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8A
The following terms are described in IAS 32 Financial Instruments: Presentation and are used in this Standard with the meaning specified in IAS 32:
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FINANCIAL STATEMENTS
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Purpose of financial statements
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9
Financial statements are a structured representation of the financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management’s stewardship of the resources entrusted to it. To meet this objective, financial statements provide information about an entity’s:
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Complete set of financial statements
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10
A complete set of financial statements comprises :
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10A
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11
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12
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13
Many entities present, outside the financial statements, a financial review by management that describes and explains the main features of the entity’s financial performance and financial position, and the principal uncertainties it faces. Such a report may include a review of:
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14
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General features
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Fair presentation and compliance with IFRSs
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15
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16
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17
In virtually all circumstances, an entity achieves a fair presentation by compliance with applicable IFRSs. A fair presentation also requires an entity:
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18
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19
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20
When an entity departs from a requirement of an IFRS in accordance with paragraph 19, it shall disclose:
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21
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22
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23
In the extremely rare circumstances in which management concludes that compliance with a requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework , but the relevant regulatory framework prohibits departure from the requirement, the entity shall, to the maximum extent possible, reduce the perceived misleading aspects of compliance by disclosing:
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24
For the purpose of paragraphs 19–23, an item of information would conflict with the objective of financial statements when it does not represent faithfully the transactions, other events and conditions that it either purports to represent or could reasonably be expected to represent and, consequently, it would be likely to influence economic decisions made by users of financial statements. When assessing whether complying with a specific requirement in an IFRS would be so misleading that it would conflict with the objective of financial statements set out in the Conceptual Framework , management considers:
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Going concern
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26
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Accrual basis of accounting
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27
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28
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Materiality and aggregation
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29
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30
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30A
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31
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Offsetting
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32
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33
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34
IFRS 15 Revenue from Contracts with Customers requires an entity to measure revenue from contracts with customers at the amount of consideration to which the entity expects to be entitled in exchange for transferring promised goods or services. For example, the amount of revenue recognised reflects any trade discounts and volume rebates the entity allows. An entity undertakes, in the course of its ordinary activities, other transactions that do not generate revenue but are incidental to the main revenue-generating activities. An entity presents the results of such transactions, when this presentation reflects the substance of the transaction or other event, by netting any income with related expenses arising on the same transaction. For example:
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35
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Frequency of reporting
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36
An entity shall present a complete set of financial statements (including comparative information) at least annually. When an entity changes the end of its reporting period and presents financial statements for a period longer or shorter than one year, an entity shall disclose, in addition to the period covered by the financial statements:
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37
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Comparative information
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Minimum comparative information
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38
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38A
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38B
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Additional comparative information
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38C
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38D
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39
An entity disclosing comparative information shall present, as a minimum, two statements of financial position, two of each of the other statements, and related notes. When an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements or when it reclassifies items in its financial statements, it shall present, as a minimum, three statements of financial position, two of each of the other statements, and related notes. An entity presents statements of financial position as at:
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40
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Change in accounting policy, retrospective restatement or reclassification
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40A
An entity shall present a third statement of financial position as at the beginning of the preceding period in addition to the minimum comparative financial statements required in paragraph 38A if:
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40B
In the circumstances described in paragraph 40A, an entity shall present three statements of financial position as at:
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40C
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40D
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41
If an entity changes the presentation or classification of items in its financial statements, it shall reclassify comparative amounts unless reclassification is impracticable. When an entity reclassifies comparative amounts, it shall disclose (including as at the beginning of the preceding period):
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42
When it is impracticable to reclassify comparative amounts, an entity shall disclose:
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43
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44
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Consistency of presentation
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45
An entity shall retain the presentation and classification of items in the financial statements from one period to the next unless:
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46
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STRUCTURE AND CONTENT
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Introduction
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47
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48
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Identification of the financial statements
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49
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50
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51
An entity shall clearly identify each financial statement and the notes. In addition, an entity shall display the following information prominently, and repeat it when necessary for the information presented to be understandable:
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52
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53
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Statement of financial position
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Information to be presented in the statement of financial position
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54
The statement of financial position shall include line items that present the following amounts:
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55
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55A
When an entity presents subtotals in accordance with paragraph 55, those subtotals shall:
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56
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57
This Standard does not prescribe the order or format in which an entity presents items. Paragraph 54 simply lists items that are sufficiently different in nature or function to warrant separate presentation in the statement of financial position. In addition:
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58
An entity makes the judgement about whether to present additional items separately on the basis of an assessment of:
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59
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Current/non-current distinction
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60
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61
Whichever method of presentation is adopted, an entity shall disclose the amount expected to be recovered or settled after more than twelve months for each asset and liability line item that combines amounts expected to be recovered or settled:
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62
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63
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64
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65
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Current assets
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66
An entity shall classify an asset as current when:
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67
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68
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Current liabilities
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69
An entity shall classify a liability as current when:
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70
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71
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72
An entity classifies its financial liabilities as current when they are due to be settled within twelve months after the reporting period, even if:
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73
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74
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75
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76
In respect of loans classified as current liabilities, if the following events occur between the end of the reporting period and the date the financial statements are authorised for issue, those events are disclosed as non-adjusting events in accordance with IAS 10 Events after the Reporting Period :
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Information to be presented either in the statement of financial position or in the notes
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77
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78
The detail provided in subclassifications depends on the requirements of IFRSs and on the size, nature and function of the amounts involved. An entity also uses the factors set out in paragraph 58 to decide the basis of subclassification. The disclosures vary for each item, for example:
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79
An entity shall disclose the following, either in the statement of financial position or the statement of changes in equity, or in the notes:
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80
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80A
If an entity has reclassified
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Statement of profit or loss and other comprehensive income
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81
An entity shall present all items of income and expense recognised in a period:
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81A
The statement of profit or loss and other comprehensive income (statement of comprehensive income) shall present, in addition to the profit or loss and other comprehensive income sections:
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81B
An entity shall present the following items, in addition to the profit or loss and other comprehensive income sections, as allocation of profit or loss and other comprehensive income for the period:
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Information to be presented in profit or loss section or the statement of profit or loss
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82
In addition to items required by other IFRSs, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:
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Information to be presented in the other comprehensive income section
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82A
The other comprehensive income section shall present line items for the amounts for the period of:
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83
An entity shall disclose the following items in the statement of comprehensive income as allocations of profit or loss for the period:
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84
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85
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85A
When an entity presents subtotals in accordance with paragraph 85, those subtotals shall:
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85B
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86
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87
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Profit or loss for the period
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88
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89
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Other comprehensive income for the period
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90
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91
An entity may present items of other comprehensive income either:
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92
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93
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94
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95
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96
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Information to be presented in the statement(s) of profit or loss and other comprehensive income or in the notes
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97
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98
Circumstances that would give rise to the separate disclosure of items of income and expense include:
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99
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100
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101
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102
The first form of analysis is the ‘nature of expense’ method. An entity aggregates expenses within profit or loss according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and does not reallocate them among functions within the entity. This method may be simple to apply because no allocations of expenses to functional classifications are necessary. An example of a classification using the nature of expense method is as follows:
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103
The second form of analysis is the ‘function of expense’ or ‘cost of sales’ method and classifies expenses according to their function as part of cost of sales or, for example, the costs of distribution or administrative activities. At a minimum, an entity discloses its cost of sales under this method separately from other expenses. This method can provide more relevant information to users than the classification of expenses by nature, but allocating costs to functions may require arbitrary allocations and involve considerable judgement. An example of a classification using the function of expense method is as follows:
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104
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105
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Statement of changes in equity
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Information to be presented in the statement of changes in equity
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106
An entity shall present a statement of changes in equity as required by paragraph 10. The statement of changes in equity includes the following information:
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Information to be presented in the statement of changes in equity or in the notes
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106A
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107
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108
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109
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110
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Statement of cash flows
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111
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Notes
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Structure
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112
The notes shall:
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113
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114
Examples of systematic ordering or grouping of the notes include:
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115
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116
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Disclosure of accounting policies
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117
An entity shall disclose its significant accounting policies comprising:
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118
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119
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120
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121
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122
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123
In the process of applying the entity's accounting policies, management makes various judgements, apart from those involving estimations, that can significantly affect the amounts it recognises in the financial statements. For example, management makes judgements in determining:
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124
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Sources of estimation uncertainty
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125
An entity shall disclose information about the assumptions it makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. In respect of those assets and liabilities, the notes shall include details of:
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126
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127
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128
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129
An entity presents the disclosures in paragraph 125 in a manner that helps users of financial statements to understand the judgements that management makes about the future and about other sources of estimation uncertainty. The nature and extent of the information provided vary according to the nature of the assumption and other circumstances. Examples of the types of disclosures an entity makes are:
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130
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131
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132
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133
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Capital
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134
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135
To comply with paragraph 134, the entity discloses the following:
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136
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Puttable financial instruments classified as equity
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136A
For puttable financial instruments classified as equity instruments, an entity shall disclose (to the extent not disclosed elsewhere):
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Other disclosures
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137
An entity shall disclose in the notes:
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138
An entity shall disclose the following, if not disclosed elsewhere in information published with the financial statements:
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TRANSITION AND EFFECTIVE DATE
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139
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139A
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139B
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139C
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139D
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139F
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139H
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139I
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139J
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139K
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139L
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139N
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139O
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139P
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139Q
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139S
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139T
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WITHDRAWAL OF IAS 1 (REVISED 2003)
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140
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IFRIC INTERPRETATION 1Changes in existing decommissioning, restoration and similar liabilitiesF1
REFERENCES
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BACKGROUND
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1
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SCOPE
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2
This Interpretation applies to changes in the measurement of any existing decommissioning, restoration or similar liability that is both:
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ISSUE
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3
This interpretation addresses how the effect of the following events that change the measurement of an existing decommissioning, restoration or similar liability should be accounted for:
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CONSENSUS
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4
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5
If the related asset is measured using the cost model:
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6
If the related asset is measured using the revaluation model:
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7
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8
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EFFECTIVE DATE
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9
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9A
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9B
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TRANSITION
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10
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SIC INTERPRETATION 7Introduction of the euroF1
REFERENCES
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ISSUE
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1
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2
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CONSENSUS
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3
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4
This means that, in particular:
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DATE OF CONSENSUS
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EFFECTIVE DATE
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