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Commission Regulation (EU) No 1256/2012 of 13 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 Financial Reporting Standard 7 and International Accounting Standard 32 (Text with EEA relevance) (revoked)

EU Regulation No 1256/2012 · Adopted 13 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 1256/2012

of 13 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 Financial Reporting Standard 7 and International Accounting Standard 32

(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. 35 (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  1. 1Article 1 Repealed
  2. 2Article 2 Repealed
  3. 3Article 3 Repealed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 Annex: INTERNATIONAL ACCOUNTING STANDARDS Repealed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 Division Repealed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 Amendments to IFRS 7 Financial Instruments: Disclosures Repealed
  8. Offsetting financial assets and financial liabilities Repealed
  9. 13ADivision 13A Repealed
  10. 13BDivision 13B Repealed
  11. 13CTo meet the objective in paragraph 13B, an entity shall disclose, at the end of the reporting period, the following quantitative information separately for recognised financial assets and recognised financial liabilities that are within the scope of paragraph 13A: Repealed
  12. 13DDivision 13D Repealed
  13. 13EDivision 13E Repealed
  14. 13FDivision 13F Repealed
  15. EFFECTIVE DATE AND TRANSITION Repealed
  16. 44RDivision 44R Repealed
  17. Offsetting financial assets and financial liabilit(paragraphs 13A–13F) Repealed
  18. Scope (paragraph 13A) Repealed
  19. B40Division B40 Repealed
  20. B41Division B41 Repealed
  21. Disclosure of quantitative information for recognised financial assets and recognised financial liabilities within the scope of paragraph 13A (paragraph 13C) Repealed
  22. B42Division B42 Repealed
  23. Disclosure of the gross amounts of recognised financial assets and recognised financial liabilities within the scope of paragraph 13A (paragraph 13C(a)) Repealed
  24. B43Division B43 Repealed
  25. Disclosure of the amounts that are set off in accordance with the criteria in paragraph 42 of IAS 32 (paragraph 13C(b)) Repealed
  26. B44Division B44 Repealed
  27. Disclosure of the net amounts presented in the statement of financial position (paragraph 13C(c)) Repealed
  28. B45Division B45 Repealed
  29. B46Division B46 Repealed
  30. Disclosure of the amounts subject to an enforceable master netting arrangement or similar agreement that are not otherwise included in paragraph 13C(b) (paragraph 13C(d)) Repealed
  31. B47Division B47 Repealed
  32. B48Division B48 Repealed
  33. Limits on the amounts disclosed in paragraph 13C(d) (paragraph 13D) Repealed
  34. B49Division B49 Repealed
  35. Description of the rights of set-off subject to enforceable master netting arrangements and similar agreements (paragraph 13E) Repealed
  36. B50Division B50 Repealed
  37. Disclosure by type of financial instrument or by counterparty Repealed
  38. B51Division B51 Repealed
  39. B52Division B52 Repealed
  40. Other Repealed
  41. B53Division B53 Repealed
  42. AppendixAmendment to IAS 32 Financial Instruments: Presentation Repealed
  43. 43Division 43 Repealed
  44. Offsetting Financial Assets and Financial LiabilitAmendments to IAS 32 Financial Instruments: Presentation Repealed
  45. EFFECTIVE DATE AND TRANSITION Repealed
  46. 97LDivision 97L Repealed
  47. Application Guidance Repealed
  48. Criterion that an entity ‘currently has a legally enforceable right to set off the recognised amounts’ (paragraph 42(a)) Repealed
  49. AG38ADivision AG38A Repealed
  50. AG38BTo meet the criterion in paragraph 42(a), an entity must currently have a legally enforceable right of set-off. This means that the right of set-off: Repealed
  51. AG38CDivision AG38C Repealed
  52. AG38DDivision AG38D Repealed
  53. Criterion that an entity ‘intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously’ (paragraph 42(b)) Repealed
  54. AG38EDivision AG38E Repealed
  55. AG38FIf an entity can settle amounts in a manner such that the outcome is, in effect, equivalent to net settlement, the entity will meet the net settlement criterion in paragraph 42(b). This will occur if, and only if, the gross settlement mechanism has features that eliminate or result in insignificant credit and liquidity risk, and that will process receivables and payables in a single settlement process or cycle. For example, a gross settlement system that has all of the following characteristics would meet the net settlement criterion in paragraph 42(b): Repealed

1F1

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2F1

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3F1

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Signature

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Amendments to IFRS 7 Financial Instruments: DisclosuresF1

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Offsetting financial assets and financial liabilitiesF1

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13AF1

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13BF1

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13CTo meet the objective in paragraph 13B, an entity shall disclose, at the end of the reporting period, the following quantitative information separately for recognised financial assets and recognised financial liabilities that are within the scope of paragraph 13A:F1

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13DF1

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13EF1

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13FF1

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EFFECTIVE DATE AND TRANSITIONF1

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44RF1

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Offsetting financial assets and financial liabilit(paragraphs 13A–13F)F1

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Scope (paragraph 13A)F1

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B40F1

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B41F1

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Disclosure of quantitative information for recognised financial assets and recognised financial liabilities within the scope of paragraph 13A (paragraph 13C)F1

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B42F1

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Disclosure of the gross amounts of recognised financial assets and recognised financial liabilities within the scope of paragraph 13A (paragraph 13C(a))F1

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B43F1

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Disclosure of the amounts that are set off in accordance with the criteria in paragraph 42 of IAS 32 (paragraph 13C(b))F1

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B44F1

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Disclosure of the net amounts presented in the statement of financial position (paragraph 13C(c))F1

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B45F1

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B46F1

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Disclosure of the amounts subject to an enforceable master netting arrangement or similar agreement that are not otherwise included in paragraph 13C(b) (paragraph 13C(d))F1

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B47F1

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B48F1

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Limits on the amounts disclosed in paragraph 13C(d) (paragraph 13D)F1

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B49F1

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Description of the rights of set-off subject to enforceable master netting arrangements and similar agreements (paragraph 13E)F1

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B50F1

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Disclosure by type of financial instrument or by counterpartyF1

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B51F1

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B52F1

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OtherF1

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B53F1

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AppendixAmendment to IAS 32 Financial Instruments: PresentationF1

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43F1

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Offsetting Financial Assets and Financial LiabilitAmendments to IAS 32 Financial Instruments: PresentationF1

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EFFECTIVE DATE AND TRANSITIONF1

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97LF1

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Application GuidanceF1

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Criterion that an entity ‘currently has a legally enforceable right to set off the recognised amounts’ (paragraph 42(a))F1

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AG38AF1

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AG38BTo meet the criterion in paragraph 42(a), an entity must currently have a legally enforceable right of set-off. This means that the right of set-off:F1

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AG38CF1

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AG38DF1

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Criterion that an entity ‘intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously’ (paragraph 42(b))F1

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AG38EF1

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AG38FIf an entity can settle amounts in a manner such that the outcome is, in effect, equivalent to net settlement, the entity will meet the net settlement criterion in paragraph 42(b). This will occur if, and only if, the gross settlement mechanism has features that eliminate or result in insignificant credit and liquidity risk, and that will process receivables and payables in a single settlement process or cycle. For example, a gross settlement system that has all of the following characteristics would meet the net settlement criterion in paragraph 42(b):F1

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