OpenLegislation

Commission Regulation (EC) No 494/2009 of 3 June 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 Accounting Standard (IAS) 27 (Text with EEA relevance) (revoked)

EU Regulation No 494/2009 · Adopted 3 June 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 494/2009

of 3 June 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 Accounting Standard (IAS) 27

(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. 12 (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  1. 1Article 1 Repealed
  2. 2Article 2 Repealed
  3. 3Article 3 Repealed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 Annex Repealed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 Division Repealed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 INTERNATIONAL ACCOUNTING STANDARD 27Consolidated and Separate Financial Statements Repealed
  8. SCOPE Repealed
  9. 1Division 1 Repealed
  10. 2Division 2 Repealed
  11. 3Division 3 Repealed
  12. DEFINITIONS Repealed
  13. 4The following terms are used in this Standard with the meanings specified: Repealed
  14. 5Division 5 Repealed
  15. 6Division 6 Repealed
  16. 7Division 7 Repealed
  17. 8Division 8 Repealed
  18. PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS Repealed
  19. 9Division 9 Repealed
  20. 10A parent need not present consolidated financial statements if and only if: Repealed
  21. 11Division 11 Repealed
  22. SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS Repealed
  23. 12Division 12 Repealed
  24. 13Control is presumed to exist when the parent owns, directly or indirectly through subsidiaries, more than half of the voting power of an entity unless, in exceptional circumstances, it can be clearly demonstrated that such ownership does not constitute control. Control also exists when the parent owns half or less of the voting power of an entity when there is: Repealed
  25. 14Division 14 Repealed
  26. 15Division 15 Repealed
  27. 16Division 16 Repealed
  28. 17Division 17 Repealed
  29. CONSOLIDATION PROCEDURES Repealed
  30. 18In preparing consolidated financial statements, an entity combines the financial statements of the parent and its subsidiaries line by line by adding together like items of assets, liabilities, equity, income and expenses. In order that the consolidated financial statements present financial information about the group as that of a single economic entity, the following steps are then taken: Repealed
  31. 19Division 19 Repealed
  32. 20Division 20 Repealed
  33. 21Division 21 Repealed
  34. 22Division 22 Repealed
  35. 23Division 23 Repealed
  36. 24Division 24 Repealed
  37. 25Division 25 Repealed
  38. 26Division 26 Repealed
  39. 27Division 27 Repealed
  40. 28Division 28 Repealed
  41. 29Division 29 Repealed
  42. 30Division 30 Repealed
  43. 31Division 31 Repealed
  44. LOSS OF CONTROL Repealed
  45. 32Division 32 Repealed
  46. 33A parent might lose control of a subsidiary in two or more arrangements (transactions). However, sometimes circumstances indicate that the multiple arrangements should be accounted for as a single transaction. In determining whether to account for the arrangements as a single transaction, a parent shall consider all of the terms and conditions of the arrangements and their economic effects. One or more of the following may indicate that the parent should account for the multiple arrangements as a single transaction: Repealed
  47. 34If a parent loses control of a subsidiary, it: Repealed
  48. 35Division 35 Repealed
  49. 36Division 36 Repealed
  50. 37Division 37 Repealed
  51. ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES AND ASSOCIATES IN SEPARATE FINANCIAL STATEMENTS Repealed
  52. 38When an entity prepares separate financial statements, it shall account for investments in subsidiaries, jointly controlled entities and associates: Repealed
  53. 38ADivision 38A Repealed
  54. 38BWhen a parent reorganises the structure of its group by establishing a new entity as its parent in a manner that satisfies the following criteria: Repealed
  55. 38CDivision 38C Repealed
  56. 39Division 39 Repealed
  57. 40Division 40 Repealed
  58. DISCLOSURE Repealed
  59. 41The following disclosures shall be made in consolidated financial statements: Repealed
  60. 42When separate financial statements are prepared for a parent that, in accordance with paragraph 10, elects not to prepare consolidated financial statements, those separate financial statements shall disclose: Repealed
  61. 43When a parent (other than a parent covered by paragraph 42), venturer with an interest in a jointly controlled entity or an investor in an associate prepares separate financial statements, those separate financial statements shall disclose: Repealed
  62. EFFECTIVE DATE AND TRANSITION Repealed
  63. 44Division 44 Repealed
  64. 45An entity shall apply the amendments to IAS 27 made by the International Accounting Standards Board in 2008 in paragraphs 4, 18, 19, 26–37 and 41(e) and (f) for annual periods beginning on or after 1 July 2009. Earlier application is permitted. However, an entity shall not apply these amendments for annual periods beginning before 1 July 2009 unless it also applies IFRS 3 (as revised by the International Accounting Standards Board in 2008). If an entity applies the amendments before 1 July 2009, it shall disclose that fact. An entity shall apply the amendments retrospectively, with the following exceptions: Repealed
  65. 45ADivision 45A Repealed
  66. 45BDivision 45B Repealed
  67. 45CDivision 45C Repealed
  68. WITHDRAWAL OF IAS 27 (2003) Repealed
  69. 46Division 46 Repealed
  70. Amendments to other IFRSs Repealed

1F1

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Signature

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INTERNATIONAL ACCOUNTING STANDARD 27Consolidated and Separate Financial StatementsF1

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SCOPEF1

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DEFINITIONSF1

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4The following terms are used in this Standard with the meanings specified:F1

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5F1

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6F1

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7F1

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8F1

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PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTSF1

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9F1

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10A parent need not present consolidated financial statements if and only if:F1

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11F1

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SCOPE OF CONSOLIDATED FINANCIAL STATEMENTSF1

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12F1

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13Control is presumed to exist when the parent owns, directly or indirectly through subsidiaries, more than half of the voting power of an entity unless, in exceptional circumstances, it can be clearly demonstrated that such ownership does not constitute control. Control also exists when the parent owns half or less of the voting power of an entity when there is:F1

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14F1

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15F1

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16F1

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17F1

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CONSOLIDATION PROCEDURESF1

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18In preparing consolidated financial statements, an entity combines the financial statements of the parent and its subsidiaries line by line by adding together like items of assets, liabilities, equity, income and expenses. In order that the consolidated financial statements present financial information about the group as that of a single economic entity, the following steps are then taken:F1

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19F1

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20F1

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21F1

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24F1

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25F1

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26F1

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27F1

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28F1

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31F1

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LOSS OF CONTROLF1

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32F1

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33A parent might lose control of a subsidiary in two or more arrangements (transactions). However, sometimes circumstances indicate that the multiple arrangements should be accounted for as a single transaction. In determining whether to account for the arrangements as a single transaction, a parent shall consider all of the terms and conditions of the arrangements and their economic effects. One or more of the following may indicate that the parent should account for the multiple arrangements as a single transaction:F1

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34If a parent loses control of a subsidiary, it:F1

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35F1

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36F1

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37F1

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ACCOUNTING FOR INVESTMENTS IN SUBSIDIARIES, JOINTLY CONTROLLED ENTITIES AND ASSOCIATES IN SEPARATE FINANCIAL STATEMENTSF1

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38When an entity prepares separate financial statements, it shall account for investments in subsidiaries, jointly controlled entities and associates:F1

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38AF1

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38BWhen a parent reorganises the structure of its group by establishing a new entity as its parent in a manner that satisfies the following criteria:F1

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38CF1

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39F1

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40F1

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DISCLOSUREF1

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41The following disclosures shall be made in consolidated financial statements:F1

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42When separate financial statements are prepared for a parent that, in accordance with paragraph 10, elects not to prepare consolidated financial statements, those separate financial statements shall disclose:F1

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43When a parent (other than a parent covered by paragraph 42), venturer with an interest in a jointly controlled entity or an investor in an associate prepares separate financial statements, those separate financial statements shall disclose:F1

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EFFECTIVE DATE AND TRANSITIONF1

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44F1

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45An entity shall apply the amendments to IAS 27 made by the International Accounting Standards Board in 2008 in paragraphs 4, 18, 19, 26–37 and 41(e) and (f) for annual periods beginning on or after 1 July 2009. Earlier application is permitted. However, an entity shall not apply these amendments for annual periods beginning before 1 July 2009 unless it also applies IFRS 3 (as revised by the International Accounting Standards Board in 2008). If an entity applies the amendments before 1 July 2009, it shall disclose that fact. An entity shall apply the amendments retrospectively, with the following exceptions:F1

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45AF1

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45BF1

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45CF1

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WITHDRAWAL OF IAS 27 (2003)F1

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46F1

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Amendments to other IFRSsF1

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A1

In the following International Financial Reporting Standards applicable at 1 July 2009, references to ‘minority interest’ are amended to ‘non-controlling interest’ in the paragraphs identified:

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IFRS 1

First-time Adoption of International Financial Reporting Standards

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A2

IFRS 1 is amended as described below.

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IFRS 5

Non-current Assets Held for Sale and Discontinued Operations

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A3

IFRS 5 is amended as described below.

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IAS 1

Presentation of Financial Statements

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A4

Paragraph 106 of IAS 1 (as revised in 2007) is amended as follows:

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IAS 7

Statement of Cash Flows

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A5

IAS 7 is amended as described below.

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IAS 21

The Effects of Changes in Foreign Exchange Rates

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A6

IAS 21 is amended as described below.

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IAS 28

Investments in Associates

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A7

IAS 28 is amended as described below.

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IAS 31

Interests in Joint Ventures

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A8

IAS 31 is amended as described below.

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IAS 39

Financial Instruments: Recognition and Measurement

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A9

IAS 39 is amended as described below.

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SIC-7

Introduction of the Euro

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A10

SIC-7 is amended as described below.

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