Commission Regulation (EU) No 313/2013 of 4 April 2013

The Commission Regulation (EU) No 313/2013 of 5 April 2013, published in the Official Journal of the European Union L 95 on 4 April 2013, adopts Transition Guidance (Amendments to International Financial Reporting Standards 10, 11, and 12).

The objective of the amendments is to clarify the IASB’s intention when first issuing the transition guidance in IFRS 10. The amendments also provide additional transition relief in IFRS 10, IFRS 11 and IFRS 12, limiting the requirement to provide adjusted comparative information to only the preceding comparative period. Furthermore, for disclosures related to unconsolidated structured entities, the amendments remove the requirement to present comparative information for periods before IFRS 12 is first applied.

Each company shall apply the amendments, at the latest, as from the commencement date of its first financial year starting on or after 1 January 2014.