# Commission Regulation (EU) No 1205/2011 of 22 November 2011 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) 7 (Text with EEA relevance) (revoked) EU Regulation No 1205/2011 · adopted 22 November 2011 Commission Regulation (EU) No 1205/2011 of 22 November 2011 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) 7 (Text with EEA relevance) ## Introductory text Commission Regulation (EU) No 1205/2011 of 22 November 2011 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) 7 (Text with EEA relevance) (revoked) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Signature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Annex: INTERNATIONAL ACCOUNTING STANDARDS ## . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## AMENDMENTS TO IFRS 7 Financial Instruments: Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## TRANSFERS OF FINANCIAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42A The disclosure requirements in paragraphs 42B–42H relating to transfers of financial assets supplement the other disclosure requirements of this IFRS. An entity shall present the disclosures required by paragraphs 42B–42H in a single note in its financial statements. An entity shall provide the required disclosures for all transferred financial assets that are not derecognised and for any continuing involvement in a transferred asset, existing at the reporting date, irrespective of when the related transfer transaction occurred. For the purposes of applying the disclosure requirements in those paragraphs, an entity transfers all or a part of a financial asset (the transferred financial asset), if, and only if, it either: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42B An entity shall disclose information that enables users of its financial statements: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42C For the purposes of applying the disclosure requirements in paragraphs 42E–42H, an entity has continuing involvement in a transferred financial asset if, as part of the transfer, the entity retains any of the contractual rights or obligations inherent in the transferred financial asset or obtains any new contractual rights or obligations relating to the transferred financial asset. For the purposes of applying the disclosure requirements in paragraphs 42E–42H, the following do not constitute continuing involvement: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Transferred financial assets that are not derecognised in their entirety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42D An entity may have transferred financial assets in such a way that part or all of the transferred financial assets do not qualify for derecognition. To meet the objectives set out in paragraph 42B(a), the entity shall disclose at each reporting date for each class of transferred financial assets that are not derecognised in their entirety: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Transferred financial assets that are derecognised in their entirety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42E To meet the objectives set out in paragraph 42B(b), when an entity derecognises transferred financial assets in their entirety (see paragraph 20(a) and (c)(i) of IAS 39) but has continuing involvement in them, the entity shall disclose, as a minimum, for each type of continuing involvement at each reporting date: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42G In addition, an entity shall disclose for each type of continuing involvement: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Supplementary information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 42H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## EFFECTIVE DATE AND TRANSITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 44M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Appendix B Application guidance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## DERECOGNITION (PARAGRAPHS 42C–42H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Continuing involvement (paragraph 42C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Transferred financial assets that are not derecognised in their entirety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Types of continuing involvement (paragraphs 42E–42H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Maturity analysis for undiscounted cash outflows to repurchase transferred assets (paragraph 42E(e)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B35 An entity shall use its judgement to determine an appropriate number of time bands in preparing the maturity analysis required by paragraph 42E(e). For example, an entity might determine that the following maturity time bands are appropriate: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Qualitative information (paragraph 42E(f)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B37 The qualitative information required by paragraph 42E(f) includes a description of the derecognised financial assets and the nature and purpose of the continuing involvement retained after transferring those assets. It also includes a description of the risks to which an entity is exposed, including: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Gain or loss on derecognition (paragraph 42G(a)) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Supplementary information (paragraph 42H) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## B39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## AMENDMENT TO IFRS 1 First-time Adoption of International Financial Reporting Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## EFFECTIVE DATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 39F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Appendix E Short-term exemptions from IFRSs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Disclosures about financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## E4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . --- Source: https://www.legislation.gov.uk/eur/2011/1205 (the official version) Page: https://openlegislation.uk/eu-regulation-2011-1205 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.