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Commission Regulation
(EC) No 2238/2004 of 29 December 2004 amending
Regulation (EC) No 1725/2003 adopting certain
international accounting standards in accordance with
Regulation (EC) No 1606/2002 of the European Parliament
and of the Council, as regards IASs IFRS 1, IASs Nos 1
to 10, 12 to 17, 19 to 24, 27 to 38, 40 and 41 and SIC
Nos 1 to 7, 11 to 14, 18 to 27 and 30 to 33
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Effective Date
23. An entity shall
apply this Standard for annual periods beginning on or
after 1 January 2005. Earlier application is encouraged. If an
entity applies this Standard for a period beginning
before 1 January 2005, it shall disclose that
fact.
Withdrawal of IAS 10
(revised 1999)
24. This Standard
supersedes IAS 10 Events After the Balance Sheet Date (revised
in 1999).
Appendix
Amendments to Other
Pronouncements
The amendments in
this appendix shall be applied for annual periods beginning
on or after 1 January 2005. If an entity applies this Standard
for an earlier period, these amendments shall be
applied for that earlier period.
A1. In IAS 22 Business
Combinations, paragraph 97 is amended to read as follows:
97. Business
combinations effected after the balance sheet date and before
the date on which the financial statements of one of the
combining entities are authorised for issue are disclosed if
they are material and non-disclosure could influence the
economic decisions of users taken on the basis of the
financial statements (see IAS 10 Events after the Balance
Sheet Date).
A2. In IAS 35 Discontinuing
Operations, paragraph 32 is amended to read as follows:
32. The asset
disposals, liability settlements and binding sale agreements
referred to in the preceding paragraph may occur concurrently
with the initial disclosure event, or in the period in which
the initial disclosure event occurs, or in a later period. In
accordance with IAS 10 Events after the Balance Sheet
Date,
if some of the assets attributable to a discontinuing
operation have actually been sold or are the subject of one or
more binding sale agreements entered into after the balance
sheet date but before the board approves the financial
statements for issue, the financial statements include the
disclosures required by paragraph 31 if the effects are
material and non-disclosure could influence the economic
decisions of users taken on the basis of the financial
statements.
A3. In IAS 37 Provisions,
Contingent Liabilities and Contingent Assets, paragraph 18
of the Introduction and paragraph 75 are amended to read as
follows and paragraph 96 is deleted:
18. The Standard
defines a contingent liability as:
(a) ...
75. A management or
board decision to restructure taken before the balance sheet
date does not give rise to a constructive obligation at the
balance sheet date unless the entity has, before the balance
sheet date:
(a) started to
implement the restructuring plan; or
(b) announced the
main features of the restructuring plan to those affected by
it in a sufficiently specific manner to raise a valid
expectation in them that the entity will carry out the
restructuring.
If an entity starts
to implement a restructuring plan, or announces its main
features to those affected, only after the balance sheet date,
disclosure is required under IAS 10 Events after the
Balance Sheet Date, if the restructuring is material and
non-disclosure could influence the economic decisions of users
taken on the basis of the financial statements.
96. [Deleted]
A4. In International
Financial Reporting Standards, including International
Accounting Standards and Interpretations, applicable at
December 2003, references to the current version of IAS 10 Events
After the Balance Sheet Date are amended to IAS 10 Events
after the Balance Sheet Date.
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