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Commission Regulation (EC) No 611/2007Show full title
Commission Regulation (EC) No 611/2007 of 1 June 2007 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 International Financial Reporting Interpretations Committee’s (IFRIC) Interpretation 11 (Text with EEA relevance)
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Commission Regulation (EC) No 611/2007
of 1 June 2007
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 International Financial Reporting Interpretations Committee’s (IFRIC) Interpretation 11
(Text with EEA relevance)
THE COMMISSION OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European Community,
Having regard to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards(1), and in particular Article 3(1) thereof,
Whereas:
(1) By Commission Regulation (EC) No 1725/2003(2) certain international standards and interpretations that were extant at 14 September 2002 were adopted.
(2) On 2 November 2006, the International Financial Reporting Interpretations Committee (IFRIC) published IFRIC Interpretation 11 IFRS 2 — Group and Treasury Share Transactions, hereinafter ‘IFRIC 11’. IFRIC 11 addresses how to apply International Financial Reporting Standard (IFRS) 2 Share-based Payment to share-based payment arrangements involving an entity’s own equity instruments or equity instruments of another entity in the same group (e.g. equity instruments of its parent). The interpretation was required as, until now, there was no guidance on how share-based payment arrangements in which an entity receives goods or services as consideration for equity instruments of the entity’s parent should be accounted for in the entity’s financial statements.
(3) The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that IFRIC 11 meets the technical criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002.
(4) Regulation (EC) No 1725/2003 should therefore be amended accordingly.
(5) The measures provided for in this Regulation are in accordance with the opinion of the Accounting Regulatory Committee,
HAS ADOPTED THIS REGULATION:
(2)
OJ L 261, 13.10.2003, p. 1. Regulation as last amended by Regulation (EC) No 1329/2006 (OJ L 247, 9.9.2006, p. 3).
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