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Commission Regulation (EU) 2016/2067 of 22 November 2016 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 9 (Text with EEA relevance) (revoked)

EU Regulation 2016/2067 · Adopted 22 November 2016 · 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) 2016/2067

of 22 November 2016

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 9

(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. 54 (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  1. 1Article 1 Repealed
  2. 2Article 2 Repealed
  3. 3Article 3 Repealed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 Annex Repealed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. IFRS 9Financial Instruments Repealed
  7. International Financial Reporting Standard 9Financial Instruments Repealed
  8. CHAPTER 1Objective Repealed
  9. 1.1Division 1.1 Repealed
  10. CHAPTER 2Scope Repealed
  11. 2.1Division 2.1 Repealed
  12. 2.2Division 2.2 Repealed
  13. 2.3Division 2.3 Repealed
  14. 2.4Division 2.4 Repealed
  15. 2.5Division 2.5 Repealed
  16. 2.6Division 2.6 Repealed
  17. 2.7Division 2.7 Repealed
  18. CHAPTER 3Recognition and derecognition Repealed
  19. 3.1INITIAL RECOGNITION Repealed
  20. 3.1.1Division 3.1.1 Repealed
  21. Regular way purchase or sale of financial assets Repealed
  22. 3.1.2Division 3.1.2 Repealed
  23. 3.2DERECOGNITION OF FINANCIAL ASSETS Repealed
  24. 3.2.1Division 3.2.1 Repealed
  25. 3.2.2Before evaluating whether, and to what extent, derecognition is appropriate under paragraphs 3.2.3–3.2.9, an entity determines whether those paragraphs should be applied to a part of a financial asset (or a part of a group of similar financial assets) or a financial asset (or a group of similar financial assets) in its entirety, as follows. Repealed
  26. 3.2.3An entity shall derecognise a financial asset when, and only when: Repealed
  27. 3.2.4An entity transfers a financial asset if, and only if, it either: Repealed
  28. 3.2.5When an entity retains the contractual rights to receive the cash flows of a financial asset (the ‘original asset’), but assumes a contractual obligation to pay those cash flows to one or more entities (the ‘eventual recipients’), the entity treats the transaction as a transfer of a financial asset if, and only if, all of the following three conditions are met. Repealed
  29. 3.2.6When an entity transfers a financial asset (see paragraph 3.2.4), it shall evaluate the extent to which it retains the risks and rewards of ownership of the financial asset. In this case: Repealed
  30. 3.2.7Division 3.2.7 Repealed
  31. 3.2.8Division 3.2.8 Repealed
  32. 3.2.9Division 3.2.9 Repealed
  33. Transfers that qualify for derecognition Repealed
  34. 3.2.10Division 3.2.10 Repealed
  35. 3.2.11Division 3.2.11 Repealed
  36. 3.2.12On derecognition of a financial asset in its entirety, the difference between: Repealed
  37. 3.2.13If the transferred asset is part of a larger financial asset (eg when an entity transfers interest cash flows that are part of a debt instrument, see paragraph 3.2.2(a)) and the part transferred qualifies for derecognition in its entirety, the previous carrying amount of the larger financial asset shall be allocated between the part that continues to be recognised and the part that is derecognised, on the basis of the relative fair values of those parts on the date of the transfer. For this purpose, a retained servicing asset shall be treated as a part that continues to be recognised. The difference between: Repealed
  38. 3.2.14Division 3.2.14 Repealed
  39. Transfers that do not qualify for derecognition Repealed
  40. 3.2.15Division 3.2.15 Repealed
  41. Continuing involvement in transferred assets Repealed
  42. 3.2.16If an entity neither transfers nor retains substantially all the risks and rewards of ownership of a transferred asset, and retains control of the transferred asset, the entity continues to recognise the transferred asset to the extent of its continuing involvement. The extent of the entity's continuing involvement in the transferred asset is the extent to which it is exposed to changes in the value of the transferred asset. For example: Repealed
  43. 3.2.17When an entity continues to recognise an asset to the extent of its continuing involvement, the entity also recognises an associated liability. Despite the other measurement requirements in this Standard, the transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the entity has retained. The associated liability is measured in such a way that the net carrying amount of the transferred asset and the associated liability is: Repealed
  44. 3.2.18Division 3.2.18 Repealed
  45. 3.2.19Division 3.2.19 Repealed
  46. 3.2.20If an entity's continuing involvement is in only a part of a financial asset (eg when an entity retains an option to repurchase part of a transferred asset, or retains a residual interest that does not result in the retention of substantially all the risks and rewards of ownership and the entity retains control), the entity allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. For this purpose, the requirements of paragraph 3.2.14 apply. The difference between: Repealed
  47. 3.2.21Division 3.2.21 Repealed
  48. All transfers Repealed
  49. 3.2.22Division 3.2.22 Repealed
  50. 3.2.23If a transferor provides non-cash collateral (such as debt or equity instruments) to the transferee, the accounting for the collateral by the transferor and the transferee depends on whether the transferee has the right to sell or repledge the collateral and on whether the transferor has defaulted. The transferor and transferee shall account for the collateral as follows: Repealed
  51. 3.3DERECOGNITION OF FINANCIAL LIABILITIES Repealed
  52. 3.3.1Division 3.3.1 Repealed
  53. 3.3.2Division 3.3.2 Repealed
  54. 3.3.3Division 3.3.3 Repealed
  55. 3.3.4Division 3.3.4 Repealed
  56. CHAPTER 4Classification Repealed
  57. 4.1CLASSIFICATION OF FINANCIAL ASSETS Repealed
  58. 4.1.1Unless paragraph 4.1.5 applies, an entity shall classify financial assets as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss on the basis of both: Repealed
  59. 4.1.2A financial asset shall be measured at amortised cost if both of the following conditions are met: Repealed
  60. 4.1.2 AA financial asset shall be measured at fair value through other comprehensive income if both of the following conditions are met: Repealed
  61. 4.1.3For the purpose of applying paragraphs 4.1.2(b) and 4.1.2 A(b): Repealed
  62. 4.1.4Division 4.1.4 Repealed
  63. Option to designate a financial asset at fair value through profit or loss Repealed
  64. 4.1.5Division 4.1.5 Repealed
  65. 4.2CLASSIFICATION OF FINANCIAL LIABILITIES Repealed
  66. 4.2.1An entity shall classify all financial liabilities as subsequently measured at amortised cost, except for: Repealed
  67. Option to designate a financial liability at fair value through profit or loss Repealed
  68. 4.2.2An entity may, at initial recognition, irrevocably designate a financial liability as measured at fair value through profit or loss when permitted by paragraph 4.3.5, or when doing so results in more relevant information, because either: Repealed
  69. 4.3EMBEDDED DERIVATIVES Repealed
  70. 4.3.1Division 4.3.1 Repealed
  71. Hybrid contracts with financial asset hosts Repealed
  72. 4.3.2Division 4.3.2 Repealed
  73. Other hybrid contracts Repealed
  74. 4.3.3If a hybrid contract contains a host that is not an asset within the scope of this Standard, an embedded derivative shall be separated from the host and accounted for as a derivative under this Standard if, and only if: Repealed
  75. 4.3.4Division 4.3.4 Repealed
  76. 4.3.5Despite paragraphs 4.3.3 and 4.3.4, if a contract contains one or more embedded derivatives and the host is not an asset within the scope of this Standard, an entity may designate the entire hybrid contract as at fair value through profit or loss unless: Repealed
  77. 4.3.6Division 4.3.6 Repealed
  78. 4.3.7Division 4.3.7 Repealed
  79. 4.4RECLASSIFICATION Repealed
  80. 4.4.1Division 4.4.1 Repealed
  81. 4.4.2Division 4.4.2 Repealed
  82. 4.4.3The following changes in circumstances are not reclassifications for the purposes of paragraphs 4.4.1–4.4.2: Repealed
  83. CHAPTER 5Measurement Repealed
  84. 5.1INITIAL MEASUREMENT Repealed
  85. 5.1.1Division 5.1.1 Repealed
  86. 5.1.1 ADivision 5.1.1 A Repealed
  87. 5.1.2Division 5.1.2 Repealed
  88. 5.1.3Division 5.1.3 Repealed
  89. 5.2SUBSEQUENT MEASUREMENT OF FINANCIAL ASSETS Repealed
  90. 5.2.1After initial recognition, an entity shall measure a financial asset in accordance with paragraphs 4.1.1–4.1.5 at: Repealed
  91. 5.2.2Division 5.2.2 Repealed
  92. 5.2.3Division 5.2.3 Repealed
  93. 5.3SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES Repealed
  94. 5.3.1Division 5.3.1 Repealed
  95. 5.3.2Division 5.3.2 Repealed
  96. 5.4AMORTISED COST MEASUREMENT Repealed
  97. Financial assets Repealed
  98. Effective interest method Repealed
  99. 5.4.1Interest revenue shall be calculated by using the effective interest method (see Appendix A and paragraphs B5.4.1–B5.4.7). This shall be calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for: Repealed
  100. 5.4.2Division 5.4.2 Repealed
  101. Modification of contractual cash flows Repealed
  102. 5.4.3Division 5.4.3 Repealed
  103. Write-off Repealed
  104. 5.4.4Division 5.4.4 Repealed
  105. 5.5IMPAIRMENT Repealed
  106. Recognition of expected credit losses Repealed
  107. General approach Repealed
  108. 5.5.1Division 5.5.1 Repealed
  109. 5.5.2Division 5.5.2 Repealed
  110. 5.5.3Division 5.5.3 Repealed
  111. 5.5.4Division 5.5.4 Repealed
  112. 5.5.5Division 5.5.5 Repealed
  113. 5.5.6Division 5.5.6 Repealed
  114. 5.5.7Division 5.5.7 Repealed
  115. 5.5.8Division 5.5.8 Repealed
  116. Determining significant increases in credit risk Repealed
  117. 5.5.9Division 5.5.9 Repealed
  118. 5.5.10Division 5.5.10 Repealed
  119. 5.5.11Division 5.5.11 Repealed
  120. Modified financial assets Repealed
  121. 5.5.12If the contractual cash flows on a financial asset have been renegotiated or modified and the financial asset was not derecognised, an entity shall assess whether there has been a significant increase in the credit risk of the financial instrument in accordance with paragraph 5.5.3 by comparing: Repealed
  122. Purchased or originated credit-impaired financial assets Repealed
  123. 5.5.13Division 5.5.13 Repealed
  124. 5.5.14Division 5.5.14 Repealed
  125. Simplified approach for trade receivables, contract assets and lease receivables Repealed
  126. 5.5.15Despite paragraphs 5.5.3 and 5.5.5, an entity shall always measure the loss allowance at an amount equal to lifetime expected credit losses for: Repealed
  127. 5.5.16Division 5.5.16 Repealed
  128. Measurement of expected credit losses Repealed
  129. 5.5.17An entity shall measure expected credit losses of a financial instrument in a way that reflects: Repealed
  130. 5.5.18Division 5.5.18 Repealed
  131. 5.5.19Division 5.5.19 Repealed
  132. 5.5.20Division 5.5.20 Repealed
  133. 5.6RECLASSIFICATION OF FINANCIAL ASSETS Repealed
  134. 5.6.1Division 5.6.1 Repealed
  135. 5.6.2Division 5.6.2 Repealed
  136. 5.6.3Division 5.6.3 Repealed
  137. 5.6.4Division 5.6.4 Repealed
  138. 5.6.5Division 5.6.5 Repealed
  139. 5.6.6Division 5.6.6 Repealed
  140. 5.6.7Division 5.6.7 Repealed
  141. 5.7GAINS AND LOSSES Repealed
  142. 5.7.1A gain or loss on a financial asset or financial liability that is measured at fair value shall be recognised in profit or loss unless: Repealed
  143. 5.7.1 ADividends are recognised in profit or loss only when: Repealed
  144. 5.7.2Division 5.7.2 Repealed
  145. 5.7.3Division 5.7.3 Repealed
  146. 5.7.4Division 5.7.4 Repealed
  147. Investments in equity instruments Repealed
  148. 5.7.5Division 5.7.5 Repealed
  149. 5.7.6Division 5.7.6 Repealed
  150. Liabilities designated as at fair value through profit or loss Repealed
  151. 5.7.7An entity shall present a gain or loss on a financial liability that is designated as at fair value through profit or loss in accordance with paragraph 4.2.2 or paragraph 4.3.5 as follows: Repealed
  152. 5.7.8Division 5.7.8 Repealed
  153. 5.7.9Division 5.7.9 Repealed
  154. Assets measured at fair value through other comprehensive income Repealed
  155. 5.7.10Division 5.7.10 Repealed
  156. 5.7.11Division 5.7.11 Repealed
  157. CHAPTER 6Hedge accounting Repealed
  158. 6.1OBJECTIVE AND SCOPE OF HEDGE ACCOUNTING Repealed
  159. 6.1.1Division 6.1.1 Repealed
  160. 6.1.2Division 6.1.2 Repealed
  161. 6.1.3Division 6.1.3 Repealed
  162. 6.2HEDGING INSTRUMENTS Repealed
  163. Qualifying instruments Repealed
  164. 6.2.1Division 6.2.1 Repealed
  165. 6.2.2Division 6.2.2 Repealed
  166. 6.2.3Division 6.2.3 Repealed
  167. Designation of hedging instruments Repealed
  168. 6.2.4A qualifying instrument must be designated in its entirety as a hedging instrument. The only exceptions permitted are: Repealed
  169. 6.2.5An entity may view in combination, and jointly designate as the hedging instrument, any combination of the following (including those circumstances in which the risk or risks arising from some hedging instruments offset those arising from others): Repealed
  170. 6.2.6Division 6.2.6 Repealed
  171. 6.3HEDGED ITEMS Repealed
  172. Qualifying items Repealed
  173. 6.3.1A hedged item can be a recognised asset or liability, an unrecognised firm commitment, a forecast transaction or a net investment in a foreign operation. The hedged item can be: Repealed
  174. 6.3.2Division 6.3.2 Repealed
  175. 6.3.3Division 6.3.3 Repealed
  176. 6.3.4Division 6.3.4 Repealed
  177. 6.3.5Division 6.3.5 Repealed
  178. 6.3.6Division 6.3.6 Repealed
  179. Designation of hedged items Repealed
  180. 6.3.7An entity may designate an item in its entirety or a component of an item as the hedged item in a hedging relationship. An entire item comprises all changes in the cash flows or fair value of an item. A component comprises less than the entire fair value change or cash flow variability of an item. In that case, an entity may designate only the following types of components (including combinations) as hedged items: Repealed
  181. 6.4QUALIFYING CRITERIA FOR HEDGE ACCOUNTING Repealed
  182. 6.4.1A hedging relationship qualifies for hedge accounting only if all of the following criteria are met: Repealed
  183. 6.5ACCOUNTING FOR QUALIFYING HEDGING RELATIONSHIPS Repealed
  184. 6.5.1Division 6.5.1 Repealed
  185. 6.5.2There are three types of hedging relationships: Repealed
  186. 6.5.3Division 6.5.3 Repealed
  187. 6.5.4Division 6.5.4 Repealed
  188. 6.5.5Division 6.5.5 Repealed
  189. 6.5.6An entity shall discontinue hedge accounting prospectively only when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after taking into account any rebalancing of the hedging relationship, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. For this purpose, the replacement or rollover of a hedging instrument into another hedging instrument is not an expiration or termination if such a replacement or rollover is part of, and consistent with, the entity's documented risk management objective. Additionally, for this purpose there is not an expiration or termination of the hedging instrument if: Repealed
  190. 6.5.7An entity shall apply: Repealed
  191. Fair value hedges Repealed
  192. 6.5.8As long as a fair value hedge meets the qualifying criteria in paragraph 6.4.1, the hedging relationship shall be accounted for as follows: Repealed
  193. 6.5.9Division 6.5.9 Repealed
  194. 6.5.10Division 6.5.10 Repealed
  195. Cash flow hedges Repealed
  196. 6.5.11As long as a cash flow hedge meets the qualifying criteria in paragraph 6.4.1, the hedging relationship shall be accounted for as follows: Repealed
  197. 6.5.12When an entity discontinues hedge accounting for a cash flow hedge (see paragraphs 6.5.6 and 6.5.7(b)) it shall account for the amount that has been accumulated in the cash flow hedge reserve in accordance with paragraph 6.5.11(a) as follows: Repealed
  198. Hedges of a net investment in a foreign operation Repealed
  199. 6.5.13Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment (see IAS 21), shall be accounted for similarly to cash flow hedges: Repealed
  200. 6.5.14Division 6.5.14 Repealed
  201. Accounting for the time value of options Repealed
  202. 6.5.15When an entity separates the intrinsic value and time value of an option contract and designates as the hedging instrument only the change in intrinsic value of the option (see paragraph 6.2.4(a)), it shall account for the time value of the option as follows (see paragraphs B6.5.29–B6.5.33): Repealed
  203. Accounting for the forward element of forward contracts and foreign currency basis spreads of financial instruments Repealed
  204. 6.5.16Division 6.5.16 Repealed
  205. 6.6HEDGES OF A GROUP OF ITEMS Repealed
  206. Eligibility of a group of items as the hedged item Repealed
  207. 6.6.1A group of items (including a group of items that constitute a net position; see paragraphs B6.6.1–B6.6.8) is an eligible hedged item only if: Repealed
  208. Designation of a component of a nominal amount Repealed
  209. 6.6.2Division 6.6.2 Repealed
  210. 6.6.3A layer component of an overall group of items (for example, a bottom layer) is eligible for hedge accounting only if: Repealed
  211. Presentation Repealed
  212. 6.6.4Division 6.6.4 Repealed
  213. 6.6.5Division 6.6.5 Repealed
  214. Nil net positions Repealed
  215. 6.6.6When the hedged item is a group that is a nil net position (ie the hedged items among themselves fully offset the risk that is managed on a group basis), an entity is permitted to designate it in a hedging relationship that does not include a hedging instrument, provided that: Repealed
  216. 6.7OPTION TO DESIGNATE A CREDIT EXPOSURE AS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS Repealed
  217. Eligibility of credit exposures for designation at fair value through profit or loss Repealed
  218. 6.7.1If an entity uses a credit derivative that is measured at fair value through profit or loss to manage the credit risk of all, or a part of, a financial instrument (credit exposure) it may designate that financial instrument to the extent that it is so managed (ie all or a proportion of it) as measured at fair value through profit or loss if: Repealed
  219. Accounting for credit exposures designated at fair value through profit or loss Repealed
  220. 6.7.2Division 6.7.2 Repealed
  221. 6.7.3An entity shall discontinue measuring the financial instrument that gave rise to the credit risk, or a proportion of that financial instrument, at fair value through profit or loss if: Repealed
  222. 6.7.4Division 6.7.4 Repealed
  223. CHAPTER 7Effective date and transition Repealed
  224. 7.1EFFECTIVE DATE Repealed
  225. 7.1.1Division 7.1.1 Repealed
  226. 7.1.2Division 7.1.2 Repealed
  227. 7.1.3Division 7.1.3 Repealed
  228. 7.1.4Division 7.1.4 Repealed
  229. 7.2TRANSITION Repealed
  230. 7.2.1Division 7.2.1 Repealed
  231. 7.2.2Division 7.2.2 Repealed
  232. Transition for classification and measurement (Chapters 4 and 5) Repealed
  233. 7.2.3Division 7.2.3 Repealed
  234. 7.2.4Division 7.2.4 Repealed
  235. 7.2.5Division 7.2.5 Repealed
  236. 7.2.6Division 7.2.6 Repealed
  237. 7.2.7Division 7.2.7 Repealed
  238. 7.2.8At the date of initial application an entity may designate: Repealed
  239. 7.2.9At the date of initial application an entity: Repealed
  240. 7.2.10At the date of initial application, an entity: Repealed
  241. 7.2.11If it is impracticable (as defined in IAS 8) for an entity to apply retrospectively the effective interest method, the entity shall treat: Repealed
  242. 7.2.12Division 7.2.12 Repealed
  243. 7.2.13Division 7.2.13 Repealed
  244. 7.2.14Division 7.2.14 Repealed
  245. 7.2.15Division 7.2.15 Repealed
  246. 7.2.16Division 7.2.16 Repealed
  247. Impairment (Section 5.5) Repealed
  248. 7.2.17Division 7.2.17 Repealed
  249. 7.2.18Division 7.2.18 Repealed
  250. 7.2.19When determining whether there has been a significant increase in credit risk since initial recognition, an entity may apply: Repealed
  251. 7.2.20Division 7.2.20 Repealed
  252. Transition for hedge accounting (Chapter 6) Repealed
  253. 7.2.21Division 7.2.21 Repealed
  254. 7.2.22Division 7.2.22 Repealed
  255. 7.2.23Division 7.2.23 Repealed
  256. 7.2.24Division 7.2.24 Repealed
  257. 7.2.25On initial application of the hedge accounting requirements of this Standard, an entity: Repealed
  258. 7.2.26As an exception to prospective application of the hedge accounting requirements of this Standard, an entity: Repealed
  259. Entities that have applied IFRS 9 (2009), IFRS 9 (2010) or IFRS 9 (2013) early Repealed
  260. 7.2.27Division 7.2.27 Repealed
  261. 7.2.28An entity that applied IFRS 9 (2009), IFRS 9 (2010) or IFRS 9 (2013) and subsequently applies this Standard: Repealed
  262. 7.3WITHDRAWAL OF IFRIC 9, IFRS 9 (2009), IFRS 9 (2010) AND IFRS 9 (2013) Repealed
  263. 7.3.1Division 7.3.1 Repealed
  264. 7.3.2Division 7.3.2 Repealed
  265. Appendix ADefined terms Repealed