Council green-lights IAS regulation
Friday 23 March 2012
On 23 March, the Council authorised the adoption by the European Commission of a regulation aimed at incorporating recent amendments adopted by the International Accounting Standards Board (IASB) into EU law. This legislative text was submitted by the EU executive to the Council and Parliament on 30 January for scrutiny as per Decision 1999/468/EC laying down the procedures for the exercise of implementing powers conferred on the Commission. The text amends Regulation 1126/2008 (EC) adopting certain international accounting standards. This is to incorporate the new, clearer provisions (‘amendments’) to the International Accounting Standards IAS 1 (Presentation of financial statements - Presentation of items of other comprehensive income) and to IAS 19 (Employee benefits). The regulation provides that these amendments will enter into force, respectively, on 1 July 2012 and 1 July 2013. Now that the Council has given its consent, the Commission may adopt the proposed measures unless the European Parliament objects.