Commission Regulation (EU) No 1256/2012
of 13 December 2012
amending Regulation (EC) No 1126/2008 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 Standard 7 and International Accounting Standard 32
(Text with EEA relevance) (revoked)

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Regulation revoked (31.12.2020) by The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/685), reg. 1(2), Sch. 2 para. 35 (with reg. 20(2)) (as amended by S.I. 2020/335, regs. 1, 5); 2020 c. 1, Sch. 5 para. 1(1)

Article 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Article 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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ANNEX INTERNATIONAL ACCOUNTING STANDARDS
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Amendments to IFRS 7 Financial Instruments: Disclosures
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Offsetting financial assets and financial liabilities
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13A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13C To meet the objective in paragraph 13B, an entity shall disclose, at the end of the reporting period, the following quantitative information separately for recognised financial assets and recognised financial liabilities that are within the scope of paragraph 13A:
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13D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

EFFECTIVE DATE AND TRANSITION
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44R . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offsetting financial assets and financial liabilities (paragraphs 13A–13F)
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Scope (paragraph 13A)
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B40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure of quantitative information for recognised financial assets and recognised financial liabilities within the scope of paragraph 13A (paragraph 13C)
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B42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure of the gross amounts of recognised financial assets and recognised financial liabilities within the scope of paragraph 13A (paragraph 13C(a))
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B43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure of the amounts that are set off in accordance with the criteria in paragraph 42 of IAS 32 (paragraph 13C(b))
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B44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure of the net amounts presented in the statement of financial position (paragraph 13C(c))
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B45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure of the amounts subject to an enforceable master netting arrangement or similar agreement that are not otherwise included in paragraph 13C(b) (paragraph 13C(d))
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B47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Limits on the amounts disclosed in paragraph 13C(d) (paragraph 13D)
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B49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Description of the rights of set-off subject to enforceable master netting arrangements and similar agreements (paragraph 13E)
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B50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure by type of financial instrument or by counterparty
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B51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other
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B53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appendix Amendment to IAS 32 Financial Instruments: Presentation
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43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offsetting Financial Assets and Financial Liabilities Amendments to IAS 32 Financial Instruments: Presentation
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EFFECTIVE DATE AND TRANSITION
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97L . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application Guidance
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Criterion that an entity ‘currently has a legally enforceable right to set off the recognised amounts’ (paragraph 42(a))
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AG38A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

AG38B To meet the criterion in paragraph 42(a), an entity must currently have a legally enforceable right of set-off. This means that the right of set-off:
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AG38C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
AG38D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Criterion that an entity ‘intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously’ (paragraph 42(b))
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AG38E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

AG38F If an entity can settle amounts in a manner such that the outcome is, in effect, equivalent to net settlement, the entity will meet the net settlement criterion in paragraph 42(b). This will occur if, and only if, the gross settlement mechanism has features that eliminate or result in insignificant credit and liquidity risk, and that will process receivables and payables in a single settlement process or cycle. For example, a gross settlement system that has all of the following characteristics would meet the net settlement criterion in paragraph 42(b):
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