OpenLegislation

Commission Regulation (EC) No 53/2009 of 21 January 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) 32 and IAS 1 (Text with EEA relevance) (revoked)

EU Regulation No 53/2009 · Adopted 21 January 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 53/2009

of 21 January 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) 32 and IAS 1

(Text with EEA relevance) (revoked)

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations to the whole text

Textual amendments

F1

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. 7 (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  1. 1Article 1 Repealed
  2. 2Article 2 Repealed
  3. 3Article 3 Repealed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 Annex Repealed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 Division Repealed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. AMENDMENTS TO IAS 32 FINANCIAL INSTRUMENTS: PRESENPUTTABLE FINANCIAL INSTRUMENTS AND OBLIGATIONS ARISING ON LIQUIDATION Repealed
  8. Amendments to IFRSs Repealed
  9. Amendments to IAS 32Financial Instruments: Presentation Repealed
  10. Division Repealed
  11. DEFINITIONS (SEE ALSO PARAGRAPHS AG3–AG23) Repealed
  12. 11The following terms are used in this Standard with the meanings specified: Repealed
  13. Division Repealed
  14. PRESENTATIONLiabilities and equity (see also paragraphs AG13-AG14J and AG25–AG29A) Repealed
  15. …Division … Repealed
  16. 16When an issuer applies the definitions in paragraph 11 to determine whether a financial instrument is an equity instrument rather than a financial liability, the instrument is an equity instrument if, and only if, both conditions (a) and (b) below are met. Repealed
  17. Puttable instruments Repealed
  18. 16AA puttable financial instrument includes a contractual obligation for the issuer to repurchase or redeem that instrument for cash or another financial asset on exercise of the put. As an exception to the definition of a financial liability, an instrument that includes such an obligation is classified as an equity instrument if it has all the following features: Repealed
  19. 16BFor an instrument to be classified as an equity instrument, in addition to the instrument having all the above features, the issuer must have no other financial instrument or contract that has: Repealed
  20. Instruments, or components of instruments, that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation Repealed
  21. 16CSome financial instruments include a contractual obligation for the issuing entity to deliver to another entity a pro rata share of its net assets only on liquidation. The obligation arises because liquidation either is certain to occur and outside the control of the entity (for example, a limited life entity) or is uncertain to occur but is at the option of the instrument holder. As an exception to the definition of a financial liability, an instrument that includes such an obligation is classified as an equity instrument if it has all the following features: Repealed
  22. 16DFor an instrument to be classified as an equity instrument, in addition to the instrument having all the above features, the issuer must have no other financial instrument or contract that has: Repealed
  23. Reclassification of puttable instruments and instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation Repealed
  24. 16EDivision 16E Repealed
  25. 16FAn entity shall account as follows for the reclassification of an instrument in accordance with paragraph 16E: Repealed
  26. Division Repealed
  27. No contractual obligation to deliver cash or another financial asset (paragraph 16(a)) Repealed
  28. 17Division 17 Repealed
  29. 18The substance of a financial instrument, rather than its legal form, governs its classification in the entity’s statement of financial position. Substance and legal form are commonly consistent, but not always. Some financial instruments take the legal form of equity but are liabilities in substance and others may combine features associated with equity instruments and features associated with financial liabilities. For example: Repealed
  30. 19If an entity does not have an unconditional right to avoid delivering cash or another financial asset to settle a contractual obligation, the obligation meets the definition of a financial liability, except for those instruments classified as equity instruments in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D. For example: Repealed
  31. Division Repealed
  32. Settlement in the entity’s own equity instruments (paragraph 16(b)) Repealed
  33. 22Division 22 Repealed
  34. 22ADivision 22A Repealed
  35. 23Division 23 Repealed
  36. Contingent settlement provisions Repealed
  37. 25A financial instrument may require the entity to deliver cash or another financial asset, or otherwise to settle it in such a way that it would be a financial liability, in the event of the occurrence or non-occurrence of uncertain future events (or on the outcome of uncertain circumstances) that are beyond the control of both the issuer and the holder of the instrument, such as a change in a stock market index, consumer price index, interest rate or taxation requirements, or the issuer’s future revenues, net income or debt-to-equity ratio. The issuer of such an instrument does not have the unconditional right to avoid delivering cash or another financial asset (or otherwise to settle it in such a way that it would be a financial liability). Therefore, it is a financial liability of the issuer unless: Repealed
  38. Division Repealed
  39. EFFECTIVE DATE AND TRANSITION Repealed
  40. 96ADivision 96A Repealed
  41. 96BDivision 96B Repealed
  42. 96CDivision 96C Repealed
  43. 97CDivision 97C Repealed
  44. Division Repealed
  45. Equity instruments Repealed
  46. AG13Division AG13 Repealed
  47. AG14Division AG14 Repealed
  48. The class of instruments that is subordinate to all other classes (paragraphs 16A(b) and 16C(b)) Repealed
  49. AG14ADivision AG14A Repealed
  50. AG14BDivision AG14B Repealed
  51. AG14CDivision AG14C Repealed
  52. AG14DDivision AG14D Repealed
  53. Total expected cash flows attributable to the instrument over the life of the instrument (paragraph 16A(e)) Repealed
  54. AG14EDivision AG14E Repealed
  55. Transactions entered into by an instrument holder other than as owner of the entity (paragraphs 16A and 16C) Repealed
  56. AG14FDivision AG14F Repealed
  57. AG14GDivision AG14G Repealed
  58. AG14HDivision AG14H Repealed
  59. AG14IDivision AG14I Repealed
  60. No other financial instrument or contract with total cash flows that substantially fixes or restricts the residual return to the instrument holder (paragraphs 16B and 16D) Repealed
  61. AG14JA condition for classifying as equity a financial instrument that otherwise meets the criteria in paragraph 16A or paragraph 16C is that the entity has no other financial instrument or contract that has (a) total cash flows based substantially on the profit or loss, the change in the recognised net assets or the change in the fair value of the recognised and unrecognised net assets of the entity and (b) the effect of substantially restricting or fixing the residual return. The following instruments, when entered into on normal commercial terms with unrelated parties, are unlikely to prevent instruments that otherwise meet the criteria in paragraph 16A or paragraph 16C from being classified as equity: Repealed
  62. Division Repealed
  63. AG27The following examples illustrate how to classify different types of contracts on an entity’s own equity instruments: Repealed
  64. AG29ADivision AG29A Repealed
  65. Amendments to IFRS 7, IAS 39 and IFRIC 2 Repealed
  66. IFRS 7Financial Instruments: Disclosures Repealed
  67. Division Repealed
  68. SCOPE Repealed
  69. 3This IFRS shall be applied by all entities to all types of financial instruments, except: Repealed
  70. Division Repealed
  71. EFFECTIVE DATE AND TRANSITION Repealed
  72. 44CDivision 44C Repealed
  73. IAS 39Financial Instruments: Recognition and Measurement Repealed
  74. Division Repealed
  75. SCOPE Repealed
  76. 2This Standard shall be applied by all entities to all types of financial instruments except: Repealed
  77. Division Repealed
  78. EFFECTIVE DATE AND TRANSITION Repealed
  79. 103FDivision 103F Repealed
  80. IFRIC 2Members’ Shares in Co-operative Entities and Similar Instruments Repealed
  81. Division Repealed
  82. (*)Division (*) Repealed
  83. Division Repealed
  84. CONSENSUS Repealed
  85. 6Division 6 Repealed
  86. 9Division 9 Repealed
  87. EFFECTIVE DATE Repealed
  88. 14ADivision 14A Repealed
  89. Division Repealed
  90. EXAMPLES OF APPLICATION OF THE CONSENSUS Repealed
  91. A1Division A1 Repealed
  92. Example 4Classification Repealed
  93. A12In this case, CU750,000 would be classified as equity and CU150,000 would be classified as financial liabilities. In addition to the paragraphs already cited, paragraph 18(b) of IAS 32 states in part: Repealed