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Commission Regulation (EU) No 1255/2012 of 11 December 2012 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 12, International Financial Reporting Standards 1 and 13, and Interpretation 20 of the International Financial Reporting Interpretations Committee (Text with EEA relevance) (revoked)

EU Regulation No 1255/2012 · Adopted 11 December 2012 · 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 (EU) No 1255/2012

of 11 December 2012

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 12, International Financial Reporting Standards 1 and 13, and Interpretation 20 of the International Financial Reporting Interpretations Committee

(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. 34 (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  1. 1Article 1 Repealed
  2. 2Article 2 Repealed
  3. 3Article 3 Repealed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 Annex: INTERNATIONAL ACCOUNTING STANDARDS Repealed
  6. Division Repealed
  7. AMENDMENTS TO IFRS 1First-time Adoption of International Financial Reporting Standards Repealed
  8. PRESENTATION AND DISCLOSURE Repealed
  9. Explanation of transition to IFRSs Repealed
  10. Use of deemed cost after severe hyperinflation Repealed
  11. 31CIf an entity elects to measure assets and liabilities at fair value and to use that fair value as the deemed cost in its opening IFRS statement of financial position because of severe hyperinflation (see paragraphs D26–D30), the entity’s first IFRS financial statements shall disclose an explanation of how, and why, the entity had, and then ceased to have, a functional currency that has both of the following characteristics: Repealed
  12. Appendix BExceptions to the retrospective application of other IFRSs Repealed
  13. Derecognition of financial assets and financial liabilities Repealed
  14. B2Division B2 Repealed
  15. AMENDMENTS TO IFRS 9 Repealed
  16. IFRS 9 Financial Instruments (issued November 2009) Repealed
  17. IFRS 9 Financial Instruments (issued October 2010) Repealed
  18. Amendments to IAS 12Income Taxes Repealed
  19. DEFINITIONS Repealed
  20. Tax base Repealed
  21. 10Division 10 Repealed
  22. MEASUREMENT Repealed
  23. 51AIn some jurisdictions, the manner in which an entity recovers (settles) the carrying amount of an asset (liability) may affect either or both of: Repealed
  24. Example A Repealed
  25. Example B Repealed
  26. Division Repealed
  27. Example C Repealed
  28. Division Repealed
  29. 51BDivision 51B Repealed
  30. 51CDivision 51C Repealed
  31. Example illustrating paragraph 51C Repealed
  32. 51DDivision 51D Repealed
  33. 51EDivision 51E Repealed
  34. EFFECTIVE DATE Repealed
  35. 98Division 98 Repealed
  36. WITHDRAWAL OF SIC-21 Repealed
  37. 99Division 99 Repealed
  38. INTERNATIONAL FINANCIAL REPORTING STANDARD 13Fair Value Measurement Repealed
  39. OBJECTIVE Repealed
  40. 1This IFRS: Repealed
  41. 2Division 2 Repealed
  42. 3Division 3 Repealed
  43. 4Division 4 Repealed
  44. SCOPE Repealed
  45. 5Division 5 Repealed
  46. 6The measurement and disclosure requirements of this IFRS do not apply to the following: Repealed
  47. 7The disclosures required by this IFRS are not required for the following: Repealed
  48. 8Division 8 Repealed
  49. MEASUREMENT Repealed
  50. Definition of fair value Repealed
  51. 9Division 9 Repealed
  52. 10Division 10 Repealed
  53. The asset or liability Repealed
  54. 11A fair value measurement is for a particular asset or liability. Therefore, when measuring fair value an entity shall take into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Such characteristics include, for example, the following: Repealed
  55. 12Division 12 Repealed
  56. 13The asset or liability measured at fair value might be either of the following: Repealed
  57. 14Division 14 Repealed
  58. The transaction Repealed
  59. 15Division 15 Repealed
  60. 16A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either: Repealed
  61. 17Division 17 Repealed
  62. 18Division 18 Repealed
  63. 19Division 19 Repealed
  64. 20Division 20 Repealed
  65. 21Division 21 Repealed
  66. Market participants Repealed
  67. 22Division 22 Repealed
  68. 23In developing those assumptions, an entity need not identify specific market participants. Rather, the entity shall identify characteristics that distinguish market participants generally, considering factors specific to all the following: Repealed
  69. The price Repealed
  70. 24Division 24 Repealed
  71. 25Division 25 Repealed
  72. 26Division 26 Repealed
  73. Application to non-financial assets Repealed
  74. Highest and best use for non-financial assets Repealed
  75. 27Division 27 Repealed
  76. 28The highest and best use of a non-financial asset takes into account the use of the asset that is physically possible, legally permissible and financially feasible, as follows: Repealed
  77. 29Division 29 Repealed
  78. 30Division 30 Repealed
  79. Valuation premise for non-financial assets Repealed
  80. 31The highest and best use of a non-financial asset establishes the valuation premise used to measure the fair value of the asset, as follows: Repealed
  81. 32Division 32 Repealed
  82. 33Division 33 Repealed
  83. Application to liabilities and an entity’s own equity instruments Repealed
  84. General principles Repealed
  85. 34A fair value measurement assumes that a financial or non-financial liability or an entity’s own equity instrument (eg equity interests issued as consideration in a business combination) is transferred to a market participant at the measurement date. The transfer of a liability or an entity’s own equity instrument assumes the following: Repealed
  86. 35Division 35 Repealed
  87. 36Division 36 Repealed
  88. Liabilities and equity instruments held by other parties as assets Repealed
  89. 37Division 37 Repealed
  90. 38In such cases, an entity shall measure the fair value of the liability or equity instrument as follows: Repealed
  91. 39An entity shall adjust the quoted price of a liability or an entity’s own equity instrument held by another party as an asset only if there are factors specific to the asset that are not applicable to the fair value measurement of the liability or equity instrument. An entity shall ensure that the price of the asset does not reflect the effect of a restriction preventing the sale of that asset. Some factors that may indicate that the quoted price of the asset should be adjusted include the following: Repealed
  92. Liabilities and equity instruments not held by other parties as assets Repealed
  93. 40Division 40 Repealed
  94. 41For example, when applying a present value technique an entity might take into account either of the following: Repealed
  95. Non-performance risk Repealed
  96. 42Division 42 Repealed
  97. 43When measuring the fair value of a liability, an entity shall take into account the effect of its credit risk (credit standing) and any other factors that might influence the likelihood that the obligation will or will not be fulfilled. That effect may differ depending on the liability, for example: Repealed
  98. 44Division 44 Repealed
  99. Restriction preventing the transfer of a liability or an entity’s own equity instrument Repealed
  100. 45Division 45 Repealed
  101. 46Division 46 Repealed
  102. Financial liability with a demand feature Repealed
  103. 47Division 47 Repealed
  104. Application to financial assets and financial liabilities with offsetting positions in market risks or counterparty credit risk Repealed
  105. 48Division 48 Repealed
  106. 49An entity is permitted to use the exception in paragraph 48 only if the entity does all the following: Repealed
  107. 50Division 50 Repealed
  108. 51Division 51 Repealed
  109. 52Division 52 Repealed
  110. Exposure to market risks Repealed
  111. 53Division 53 Repealed
  112. 54Division 54 Repealed
  113. 55Division 55 Repealed
  114. Exposure to the credit risk of a particular counterparty Repealed
  115. 56Division 56 Repealed
  116. Fair value at initial recognition Repealed
  117. 57Division 57 Repealed
  118. 58Division 58 Repealed
  119. 59Division 59 Repealed
  120. 60Division 60 Repealed
  121. Valuation techniques Repealed
  122. 61Division 61 Repealed
  123. 62Division 62 Repealed
  124. 63Division 63 Repealed
  125. 64Division 64 Repealed
  126. 65Valuation techniques used to measure fair value shall be applied consistently. However, a change in a valuation technique or its application (eg a change in its weighting when multiple valuation techniques are used or a change in an adjustment applied to a valuation technique) is appropriate if the change results in a measurement that is equally or more representative of fair value in the circumstances. That might be the case if, for example, any of the following events take place: Repealed
  127. 66Division 66 Repealed
  128. Inputs to valuation techniques Repealed
  129. General principles Repealed
  130. 67Division 67 Repealed
  131. 68Division 68 Repealed
  132. 69Division 69 Repealed
  133. Inputs based on bid and ask prices Repealed
  134. 70Division 70 Repealed
  135. 71Division 71 Repealed
  136. Fair value hierarchy Repealed
  137. 72Division 72 Repealed
  138. 73Division 73 Repealed
  139. 74Division 74 Repealed
  140. 75Division 75 Repealed
  141. Level 1 inputs Repealed
  142. 76Division 76 Repealed
  143. 77Division 77 Repealed
  144. 78A Level 1 input will be available for many financial assets and financial liabilities, some of which might be exchanged in multiple active markets (eg on different exchanges). Therefore, the emphasis within Level 1 is on determining both of the following: Repealed
  145. 79An entity shall not make an adjustment to a Level 1 input except in the following circumstances: Repealed
  146. 80Division 80 Repealed
  147. Level 2 inputs Repealed
  148. 81Division 81 Repealed
  149. 82If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: Repealed
  150. 83Adjustments to Level 2 inputs will vary depending on factors specific to the asset or liability. Those factors include the following: Repealed
  151. 84Division 84 Repealed
  152. 85Division 85 Repealed
  153. Level 3 inputs Repealed
  154. 86Division 86 Repealed
  155. 87Division 87 Repealed
  156. 88Division 88 Repealed
  157. 89Division 89 Repealed
  158. 90Division 90 Repealed
  159. DISCLOSURE Repealed
  160. 91An entity shall disclose information that helps users of its financial statements assess both of the following: Repealed
  161. 92To meet the objectives in paragraph 91, an entity shall consider all the following: Repealed
  162. 93To meet the objectives in paragraph 91, an entity shall disclose, at a minimum, the following information for each class of assets and liabilities (see paragraph 94 for information on determining appropriate classes of assets and liabilities) measured at fair value (including measurements based on fair value within the scope of this IFRS) in the statement of financial position after initial recognition: Repealed
  163. 94An entity shall determine appropriate classes of assets and liabilities on the basis of the following: Repealed
  164. 95An entity shall disclose and consistently follow its policy for determining when transfers between levels of the fair value hierarchy are deemed to have occurred in accordance with paragraph 93(c) and (e)(iv). The policy about the timing of recognising transfers shall be the same for transfers into the levels as for transfers out of the levels. Examples of policies for determining the timing of transfers include the following: Repealed
  165. 96Division 96 Repealed
  166. 97Division 97 Repealed
  167. 98Division 98 Repealed
  168. 99Division 99 Repealed
  169. Appendix ADefined terms Repealed
  170. IFRIC INTERPRETATION 20Stripping Costs in the Production Phase of a Surface Mine Repealed
  171. REFERENCES Repealed
  172. BACKGROUND Repealed
  173. 1Division 1 Repealed
  174. 2Division 2 Repealed
  175. 3Division 3 Repealed
  176. 4Division 4 Repealed
  177. 5Division 5 Repealed
  178. SCOPE Repealed
  179. 6Division 6 Repealed
  180. ISSUES Repealed
  181. 7This Interpretation addresses the following issues: Repealed
  182. CONSENSUS Repealed
  183. Recognition of production stripping costs as an asset Repealed
  184. 8Division 8 Repealed
  185. 9An entity shall recognise a stripping activity asset if, and only if, all of the following are met: Repealed
  186. 10Division 10 Repealed
  187. 11Division 11 Repealed
  188. Initial measurement of the stripping activity asset Repealed
  189. 12Division 12 Repealed
  190. 13When the costs of the stripping activity asset and the inventory produced are not separately identifiable, the entity shall allocate the production stripping costs between the inventory produced and the stripping activity asset by using an allocation basis that is based on a relevant production measure. This production measure shall be calculated for the identified component of the ore body, and shall be used as a benchmark to identify the extent to which the additional activity of creating a future benefit has taken place. Examples of such measures include: Repealed
  191. Subsequent measurement of the stripping activity asset Repealed
  192. 14Division 14 Repealed
  193. 15Division 15 Repealed
  194. 16Division 16 Repealed
  195. Appendix AEffective date and transition Repealed
  196. A1Division A1 Repealed
  197. A2Division A2 Repealed
  198. A3Division A3 Repealed
  199. A4Division A4 Repealed