Commission Regulation (EU) No 475/2012 of 5 June 2012

The Commission Regulation (EU) No 475/2012 of 5 June 2012, published in the Official Journal of the European Union L 146 on 6 June 2012, adopts Amendments to IAS 1 Presentation of Items of Other Comprehensive Income and to IAS 19 Employee Benefits.

The objective of the amendments to IAS 1 is to make the presentation of the increasing number of items of other comprehensive income clearer, and to assist the users of financial statements in distinguishing between the items of other comprehensive income that can be reclassified subsequently to profit or loss, and those that will never be reclassified to profit or loss. As to the amendments to IAS 19, they should help users of financial statements better understand how defined benefit plans affect an entity’s financial position, financial performance and cash flows.

Each company shall apply the amendments to IAS 1 and to IAS 19  as from the commencement date of its first financial year starting, respectively, on or after 1 July 2012 and 1 January 2013.