# Commission Regulation (EU) No 550/2010 of 23 June 2010 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 550/2010 · adopted 23 June 2010

Commission Regulation (EU) No 550/2010 of 23 June 2010 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)

## Introductory text

Commission Regulation (EU) No 550/2010
of 23 June 2010
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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## 1 

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## 2 

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## 3 

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## Signature

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## Annex: INTERNATIONAL ACCOUNTING STANDARDS

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## Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards

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## PRESENTATION AND DISCLOSURE

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## Explanation of transition to IFRSs

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## Use of deemed cost for oil and gas assets

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## 31A 

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## EFFECTIVE DATE

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## 39A 

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## EXEMPTIONS FROM OTHER IFRSS

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## D1 An entity may elect to use one or more of the following exemptions:

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## Deemed cost

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## D8A Under some national accounting requirements exploration and development costs for oil and gas properties in the development or production phases are accounted for in cost centres that include all properties in a large geographical area. A first-time adopter using such accounting under previous GAAP may elect to measure oil and gas assets at the date of transition to IFRSs on the following basis:

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## Leases

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## D9A 

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

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## D21A An entity that uses the exemption in paragraph D8A(b) (for oil and gas assets in the development or production phases accounted for in cost centres that include all properties in a large geographical area under previous GAAP) shall, instead of applying paragraph D21 or IFRIC 1:

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Source: https://www.legislation.gov.uk/eur/2010/550 (the official version)
Page: https://openlegislation.uk/eu-regulation-2010-550
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.