Commission Regulation (EC) No 1274/2008 of 17 December 2008 amending Regulation (EC) No 1126/2008 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) 1 (Text with EEA relevance) (revoked)

EU Regulation No 1274/2008 · Adopted 17 December 2008 · Extends to United Kingdom

Contents

1. 1Article 1 Repealed
2. 2Article 2 Repealed
3. 3Article 3 Repealed
4. Signature
5. Annex Repealed
6. Division Repealed
7. INTERNATIONAL ACCOUNTING STANDARD 1Presentation of Financial Statements Repealed
8. OBJECTIVE Repealed
9. 1Division 1 Repealed
10. SCOPE Repealed
11. 2Division 2 Repealed
12. 3Division 3 Repealed
13. 4Division 4 Repealed
14. 5Division 5 Repealed
15. 6Division 6 Repealed
16. DEFINITIONS Repealed
17. 7The following terms are used in this Standard with the meanings specified: Repealed
18. 8Division 8 Repealed
19. FINANCIAL STATEMENTS Repealed
20. Purpose of financial statements Repealed
21. 9Financial 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 To meet this objective, financial statements provide information about an entity’s: Repealed
22. Complete set of financial statements Repealed
23. 10A complete set of financial statements comprises: Repealed
24. 11Division 11 Repealed
25. 12Division 12 Repealed
26. 13Many 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 Such a report may include a review of: Repealed
27. 14Division 14 Repealed
28. General features Repealed
29. Fair presentation and compliance with IFRSs Repealed
30. 15Division 15 Repealed
31. 16Division 16 Repealed
32. 17In virtually all circumstances, an entity achieves a fair presentation by compliance with applicable IFRSs. A fair presentation also requires an entity: Repealed
33. 18Division 18 Repealed
34. 19Division 19 Repealed
35. 20When an entity departs from a requirement of an IFRS in accordance with paragraph 19, it shall disclose: Repealed
36. 21Division 21 Repealed
37. 22Division 22 Repealed
38. 23In 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 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: Repealed
39. 24For 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 Framework, management considers: Repealed
40. Going concern Repealed
41. 25Division 25 Repealed
42. 26Division 26 Repealed
43. Accrual basis of accounting Repealed
44. 27Division 27 Repealed
45. 28Division 28 Repealed
46. Materiality and aggregation Repealed
47. 29Division 29 Repealed
48. 30Division 30 Repealed
49. 31Division 31 Repealed
50. Offsetting Repealed
51. 32Division 32 Repealed
52. 33Division 33 Repealed
53. 34IAS 18 Revenue defines revenue and requires an entity to measure it at the fair value of the consideration received or receivable, taking into account the amount of 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: Repealed
54. 35Division 35 Repealed
55. Frequency of reporting Repealed
56. 36An 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: Repealed
57. 37Division 37 Repealed
58. Comparative information Repealed
59. 38Division 38 Repealed
60. 39An 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: Repealed
61. 40Division 40 Repealed
62. 41When the entity changes the presentation or classification of items in its financial statements, the entity shall reclassify comparative amounts unless reclassification is impracticable. When the entity reclassifies comparative amounts, the entity shall disclose: Repealed
63. 42When it is impracticable to reclassify comparative amounts, an entity shall disclose: Repealed
64. 43Division 43 Repealed
65. 44Division 44 Repealed
66. Consistency of presentation Repealed
67. 45An entity shall retain the presentation and classification of items in the financial statements from one period to the next unless: Repealed
68. 46Division 46 Repealed
69. STRUCTURE AND CONTENT Repealed
70. Introduction Repealed
71. 47Division 47 Repealed
72. 48Division 48 Repealed
73. Identification of the financial statements Repealed
74. 49Division 49 Repealed
75. 50Division 50 Repealed
76. 51An 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: Repealed
77. 52Division 52 Repealed
78. 53Division 53 Repealed
79. Statement of financial position Repealed
80. Information to be presented in the statement of financial position Repealed
81. 54As a minimum, the statement of financial position shall include line items that present the following amounts: Repealed
82. 55Division 55 Repealed
83. 56Division 56 Repealed
84. 57This 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: Repealed
85. 58An entity makes the judgement about whether to present additional items separately on the basis of an assessment of: Repealed
86. 59Division 59 Repealed
87. Current/non-current distinction Repealed
88. 60Division 60 Repealed
89. 61Whichever 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: Repealed
90. 62Division 62 Repealed
91. 63Division 63 Repealed
92. 64Division 64 Repealed
93. 65Division 65 Repealed
94. Current assets Repealed
95. 66An entity shall classify an asset as current when: Repealed
96. 67Division 67 Repealed
97. 68Division 68 Repealed
98. Current liabilities Repealed
99. 69An entity shall classify a liability as current when: Repealed
100. 70Division 70 Repealed
101. 71Division 71 Repealed
102. 72An entity classifies its financial liabilities as current when they are due to be settled within twelve months after the reporting period, even if: Repealed
103. 73Division 73 Repealed
104. 74Division 74 Repealed
105. 75Division 75 Repealed
106. 76In 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: Repealed
107. Information to be presented either in the statement of financial position or in the notes Repealed
108. 77Division 77 Repealed
109. 78The 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: Repealed
110. 79An entity shall disclose the following, either in the statement of financial position or the statement of changes in equity, or in the notes: Repealed
111. 80Division 80 Repealed
112. Statement of comprehensive income Repealed
113. 81An entity shall present all items of income and expense recognised in a period: Repealed
114. Information to be presented in the statement of comprehensive income Repealed
115. 82As a minimum, the statement of comprehensive income shall include line items that present the following amounts for the period: Repealed
116. 83An entity shall disclose the following items in the statement of comprehensive income as allocations of profit or loss for the period: Repealed
117. 84Division 84 Repealed
118. 85Division 85 Repealed
119. 86Division 86 Repealed
120. 87Division 87 Repealed
121. Profit or loss for the period Repealed
122. 88Division 88 Repealed
123. 89Division 89 Repealed
124. Other comprehensive income for the period Repealed
125. 90Division 90 Repealed
126. 91An entity may present components of other comprehensive income either: Repealed
127. 92Division 92 Repealed
128. 93Division 93 Repealed
129. 94Division 94 Repealed
130. 95Division 95 Repealed
131. 96Division 96 Repealed
132. Information to be presented in the statement of comprehensive income or in the notes Repealed
133. 97Division 97 Repealed
134. 98Circumstances that would give rise to the separate disclosure of items of income and expense include: Repealed
135. 99Division 99 Repealed
136. 100Division 100 Repealed
137. 101Division 101 Repealed
138. 102The 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: Repealed
139. 103The 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: Repealed
140. 104Division 104 Repealed
141. 105Division 105 Repealed
142. Statement of changes in equity Repealed
143. 106An entity shall present a statement of changes in equity showing in the statement: Repealed
144. 107Division 107 Repealed
145. 108Division 108 Repealed
146. 109Division 109 Repealed
147. 110Division 110 Repealed
148. Statement of cash flows Repealed
149. 111Division 111 Repealed
150. Notes Repealed
151. Structure Repealed
152. 112The notes shall: Repealed
153. 113Division 113 Repealed
154. 114An entity normally presents notes in the following order, to assist users to understand the financial statements and to compare them with financial statements of other entities: Repealed
155. 115Division 115 Repealed
156. 116Division 116 Repealed
157. Disclosure of accounting policies Repealed
158. 117An entity shall disclose in the summary of significant accounting policies: Repealed
159. 118Division 118 Repealed
160. 119Division 119 Repealed
161. 120Division 120 Repealed
162. 121Division 121 Repealed
163. 122Division 122 Repealed
164. 123In 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: Repealed
165. 124Division 124 Repealed
166. Sources of estimation uncertainty Repealed
167. 125An 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: Repealed
168. 126Division 126 Repealed
169. 127Division 127 Repealed
170. 128Division 128 Repealed
171. 129An 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: Repealed
172. 130Division 130 Repealed
173. 131Division 131 Repealed
174. 132Division 132 Repealed
175. 133Division 133 Repealed
176. Capital Repealed
177. 134Division 134 Repealed
178. 135To comply with paragraph 134, the entity discloses the following: Repealed
179. 136Division 136 Repealed
180. Other disclosures Repealed
181. 137An entity shall disclose in the notes: Repealed
182. 138An entity shall disclose the following, if not disclosed elsewhere in information published with the financial statements: Repealed
183. TRANSITION AND EFFECTIVE DATE Repealed
184. 139Division 139 Repealed
185. WITHDRAWAL OF IAS 1 (REVISED 2003) Repealed
186. 140Division 140 Repealed
187. AppendixAmendments to other pronouncements Repealed
188. Division Repealed
189. Division Repealed
190. A1Division A1 Repealed
191. A2Division A2 Repealed
192. A3Division A3 Repealed
193. IFRS 1First-time Adoption of International Financial Reporting Standards Repealed
194. A4Division A4 Repealed
195. IAS 7Statement of Cash Flows Repealed
196. A9Division A9 Repealed
197. IFRIC 1Changes in Existing Decommissioning, Restoration and Similar Liabilities Repealed
198. A32Division A32 Repealed
199. SIC-7Introduction of the Euro Repealed
200. A35Division A35 Repealed
201. SIC-10Government Assistance — No Specific Relation to Operating Activities Repealed
202. A36Division A36 Repealed
203. SIC-13Jointly Controlled Entities — Non-Monetary Contributions by Venturers Repealed
204. A37Division A37 Repealed
205. SIC-15Operating Leases — Incentives Repealed
206. A38Division A38 Repealed
207. SIC-25Income Taxes — Changes in the Tax Status of an Entity or its Shareholders Repealed
208. A39Division A39 Repealed
209. SIC-29Service Concession Arrangements: Disclosures Repealed
210. A40Division A40 Repealed
211. SIC-32Intangible Assets — Website Costs Repealed
212. A41Division A41 Repealed