OpenLegislation

Commission Regulation (EC) No 1136/2009 of 25 November 2009 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 Financial Reporting Standard (IFRS) 1 (Text with EEA relevance) (revoked)

EU Regulation No 1136/2009 · Adopted 25 November 2009 · Extends to United Kingdom

Original text. legislation.gov.uk does not revise this item, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Commission Regulation (EC) No 1136/2009

of 25 November 2009

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 Financial Reporting Standard (IFRS) 1

(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. 17 (with reg. 20(2)) (as amended by S.I. 2020/335, regs. 1, 5); 2020 c. 1, Sch. 5 para. 1(1)

Contents

  1. 1Article 1 Repealed
  2. 2Article 2 Repealed
  3. 3Article 3 Repealed
  4. Signature
  5. Annex Repealed
  6. Division Repealed
  7. INTERNATIONAL FINANCIAL REPORTING STANDARD 1First-time Adoption of International Financial Reporting Standards Repealed
  8. OBJECTIVE Repealed
  9. 1The objective of this IFRS is to ensure that an entity’s first IFRS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that: Repealed
  10. SCOPE Repealed
  11. 2An entity shall apply this IFRS in: Repealed
  12. 3An entity’s first IFRS financial statements are the first annual financial statements in which the entity adopts IFRSs, by an explicit and unreserved statement in those financial statements of compliance with IFRSs. Financial statements in accordance with IFRSs are an entity’s first IFRS financial statements if, for example, the entity: Repealed
  13. 4This IFRS applies when an entity first adopts IFRSs. It does not apply when, for example, an entity: Repealed
  14. 5This IFRS does not apply to changes in accounting policies made by an entity that already applies IFRSs. Such changes are the subject of: Repealed
  15. RECOGNITION AND MEASUREMENT Repealed
  16. Opening IFRS statement of financial position Repealed
  17. 6Division 6 Repealed
  18. Accounting policies Repealed
  19. 7Division 7 Repealed
  20. 8An entity shall not apply different versions of IFRSs that were effective at earlier dates. An entity may apply a new IFRS that is not yet mandatory if that IFRS permits early application. Repealed
  21. Example: Consistent application of latest version of IFRSs Repealed
  22. Background Repealed
  23. Application of requirements Repealed
  24. 9Division 9 Repealed
  25. 10Except as described in paragraphs 13–19 and Appendices B–E, an entity shall, in its opening IFRS statement of financial position: Repealed
  26. 11Division 11 Repealed
  27. 12This IFRS establishes two categories of exceptions to the principle that an entity’s opening IFRS statement of financial position shall comply with each IFRS: Repealed
  28. Exceptions to the retrospective application of other IFRSs Repealed
  29. 13Division 13 Repealed
  30. Estimates Repealed
  31. 14Division 14 Repealed
  32. 15Division 15 Repealed
  33. 16Division 16 Repealed
  34. 17Division 17 Repealed
  35. Exemptions from other IFRSs Repealed
  36. 18Division 18 Repealed
  37. 19Division 19 Repealed
  38. PRESENTATION AND DISCLOSURE Repealed
  39. 20Division 20 Repealed
  40. Comparative information Repealed
  41. 21Division 21 Repealed
  42. Non-IFRS comparative information and historical summaries Repealed
  43. 22Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with IFRSs. This IFRS does not require such summaries to comply with the recognition and measurement requirements of IFRSs. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by IAS 1. In any financial statements containing historical summaries or comparative information in accordance with previous GAAP, an entity shall: Repealed
  44. Explanation of transition to IFRSs Repealed
  45. 23Division 23 Repealed
  46. Reconciliations Repealed
  47. 24To comply with paragraph 23, an entity’s first IFRS financial statements shall include: Repealed
  48. 25Division 25 Repealed
  49. 26Division 26 Repealed
  50. 27Division 27 Repealed
  51. 28Division 28 Repealed
  52. Designation of financial assets or financial liabilities Repealed
  53. 29Division 29 Repealed
  54. Use of fair value as deemed cost Repealed
  55. 30If an entity uses fair value in its opening IFRS statement of financial position as deemed cost for an item of property, plant and equipment, an investment property or an intangible asset (see paragraphs D5 and D7), the entity’s first IFRS financial statements shall disclose, for each line item in the opening IFRS statement of financial position: Repealed
  56. Use of deemed cost for investments in subsidiaries, jointly controlled entities and associates Repealed
  57. 31Similarly, if an entity uses a deemed cost in its opening IFRS statement of financial position for an investment in a subsidiary, jointly controlled entity or associate in its separate financial statements (see paragraph D15), the entity’s first IFRS separate financial statements shall disclose: Repealed
  58. Interim financial reports Repealed
  59. 32To comply with paragraph 23, if an entity presents an interim financial report in accordance with IAS 34 for part of the period covered by its first IFRS financial statements, the entity shall satisfy the following requirements in addition to the requirements of IAS 34: Repealed
  60. 33Division 33 Repealed
  61. EFFECTIVE DATE Repealed
  62. 34Division 34 Repealed
  63. 35Division 35 Repealed
  64. 36Division 36 Repealed
  65. 37Division 37 Repealed
  66. 38Division 38 Repealed
  67. 39Division 39 Repealed
  68. WITHDRAWAL OF IFRS 1 (ISSUED 2003) Repealed
  69. 40Division 40 Repealed
  70. ADefined terms Repealed
  71. BExceptions to the retrospective application of other IFRSs Repealed
  72. CExemptions for business combinations Repealed
  73. DExemptions from other IFRSs Repealed
  74. EShort-term exemptions from IFRSs Repealed

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Signature

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INTERNATIONAL FINANCIAL REPORTING STANDARD 1First-time Adoption of International Financial Reporting StandardsF1

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OBJECTIVEF1

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1The objective of this IFRS is to ensure that an entity’s first IFRS financial statements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:F1

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SCOPEF1

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2An entity shall apply this IFRS in:F1

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3An entity’s first IFRS financial statements are the first annual financial statements in which the entity adopts IFRSs, by an explicit and unreserved statement in those financial statements of compliance with IFRSs. Financial statements in accordance with IFRSs are an entity’s first IFRS financial statements if, for example, the entity:F1

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4This IFRS applies when an entity first adopts IFRSs. It does not apply when, for example, an entity:F1

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5This IFRS does not apply to changes in accounting policies made by an entity that already applies IFRSs. Such changes are the subject of:F1

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RECOGNITION AND MEASUREMENTF1

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Opening IFRS statement of financial positionF1

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6F1

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Accounting policiesF1

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7F1

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8An entity shall not apply different versions of IFRSs that were effective at earlier dates. An entity may apply a new IFRS that is not yet mandatory if that IFRS permits early application.F1

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Example: Consistent application of latest version of IFRSsF1

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BackgroundF1

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Application of requirementsF1

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9F1

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10Except as described in paragraphs 13–19 and Appendices B–E, an entity shall, in its opening IFRS statement of financial position:F1

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11F1

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12This IFRS establishes two categories of exceptions to the principle that an entity’s opening IFRS statement of financial position shall comply with each IFRS:F1

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Exceptions to the retrospective application of other IFRSsF1

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13F1

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EstimatesF1

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16F1

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17F1

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Exemptions from other IFRSsF1

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19F1

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PRESENTATION AND DISCLOSUREF1

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20F1

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Comparative informationF1

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21F1

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Non-IFRS comparative information and historical summariesF1

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22Some entities present historical summaries of selected data for periods before the first period for which they present full comparative information in accordance with IFRSs. This IFRS does not require such summaries to comply with the recognition and measurement requirements of IFRSs. Furthermore, some entities present comparative information in accordance with previous GAAP as well as the comparative information required by IAS 1. In any financial statements containing historical summaries or comparative information in accordance with previous GAAP, an entity shall:F1

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Explanation of transition to IFRSsF1

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23F1

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ReconciliationsF1

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24To comply with paragraph 23, an entity’s first IFRS financial statements shall include:F1

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28F1

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Designation of financial assets or financial liabilitiesF1

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29F1

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Use of fair value as deemed costF1

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30If an entity uses fair value in its opening IFRS statement of financial position as deemed cost for an item of property, plant and equipment, an investment property or an intangible asset (see paragraphs D5 and D7), the entity’s first IFRS financial statements shall disclose, for each line item in the opening IFRS statement of financial position:F1

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Use of deemed cost for investments in subsidiaries, jointly controlled entities and associatesF1

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31Similarly, if an entity uses a deemed cost in its opening IFRS statement of financial position for an investment in a subsidiary, jointly controlled entity or associate in its separate financial statements (see paragraph D15), the entity’s first IFRS separate financial statements shall disclose:F1

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Interim financial reportsF1

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32To comply with paragraph 23, if an entity presents an interim financial report in accordance with IAS 34 for part of the period covered by its first IFRS financial statements, the entity shall satisfy the following requirements in addition to the requirements of IAS 34:F1

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33F1

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EFFECTIVE DATEF1

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34F1

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39F1

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WITHDRAWAL OF IFRS 1 (ISSUED 2003)F1

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40F1

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ADefined termsF1

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BExceptions to the retrospective application of other IFRSsF1

This appendix is an integral part of the IFRS.

B1

An entity shall apply the following exceptions:

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Derecognition of financial assets and financial liabilities

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B2

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B3

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Hedge accounting

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B4

As required by IAS 39, at the date of transition to IFRSs, an entity shall:

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B5

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B6

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Non-controlling interests

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B7

A first-time adopter shall apply the following requirements of IAS 27 (as amended in 2008) prospectively from the date of transition to IFRSs:

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CExemptions for business combinationsF1

This appendix is an integral part of the IFRS. An entity shall apply the following requirements to business combinations that the entity recognised before the date of transition to IFRSs.

C1

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C2

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C3

An entity may apply IAS 21 retrospectively to fair value adjustments and goodwill arising in either:

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C4

If a first-time adopter does not apply IFRS 3 retrospectively to a past business combination, this has the following consequences for that business combination:

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C5

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DExemptions from other IFRSsF1

This appendix is an integral part of the IFRS.

D1

An entity may elect to use one or more of the following exemptions:

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Share-based payment transactions

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D2

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D3

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Insurance contracts

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D4

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Fair value or revaluation as deemed cost

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D5

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D6

A first-time adopter may elect to use a previous GAAP revaluation of an item of property, plant and equipment at, or before, the date of transition to IFRSs as deemed cost at the date of the revaluation, if the revaluation was, at the date of the revaluation, broadly comparable to:

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D7

The elections in paragraphs D5 and D6 are also available for:

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D8

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Leases

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D9

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Employee benefits

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D10

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D11

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Cumulative translation differences

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D12

IAS 21 requires an entity:

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D13

However, a first-time adopter need not comply with these requirements for cumulative translation differences that existed at the date of transition to IFRSs. If a first-time adopter uses this exemption:

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Investments in subsidiaries, jointly controlled entities and associates

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D14

When an entity prepares separate financial statements, IAS 27 (as amended in 2008) requires it to account for its investments in subsidiaries, jointly controlled entities and associates either:

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D15

If a first-time adopter measures such an investment at cost in accordance with paragraph D14, it shall measure that investment at one of the following amounts in its separate opening IFRS statement of financial position:

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Assets and liabilities of subsidiaries, associates and joint ventures

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D16

If a subsidiary becomes a first-time adopter later than its parent, the subsidiary shall, in its financial statements, measure its assets and liabilities at either:

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D17

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Compound financial instruments

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D18

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Designation of previously recognised financial instruments

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D19

IAS 39 permits a financial asset to be designated on initial recognition as available for sale or a financial instrument (provided it meets certain criteria) to be designated as a financial asset or financial liability at fair value through profit or loss. Despite this requirement exceptions apply in the following circumstances:

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Fair value measurement of financial assets or financial liabilities at initial recognition

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D20

Notwithstanding the requirements of paragraphs 7 and 9, an entity may apply the requirements in the last sentence of IAS 39 paragraph AG76 and in paragraph AG76A, in either of the following ways:

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Decommissioning liabilities included in the cost of property, plant and equipment

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D21

IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities requires specified changes in a decommissioning, restoration or similar liability to be added to or deducted from the cost of the asset to which it relates; the adjusted depreciable amount of the asset is then depreciated prospectively over its remaining useful life. A first-time adopter need not comply with these requirements for changes in such liabilities that occurred before the date of transition to IFRSs. If a first-time adopter uses this exemption, it shall:

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Financial assets or intangible assets accounted for in accordance with IFRIC 12

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D22

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Borrowing costs

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D23

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EShort-term exemptions from IFRSsF1

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