LegalizeCommission Regulation (EU) 2023/2579 of 20 November 2023 amending Regulation (EU) 2023/1803 as regards International Financial Reporting Standard 16
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
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 (EU) 2023/1803 (2) certain international accounting standards and interpretations that were in existence at 8 September 2022 were adopted.
(2) On 22 September 2022, the International Accounting Standards Board issued amendments to International Financial Reporting Standard 16 Leases (‘IFRS 16’), which lays down how a company should recognise, measure, present and disclose leases. The amendments to IFRS 16 specify how the seller-lessee subsequently measures sale and leaseback transactions.
(3) Following the consultation with the European financial reporting advisory group EFRAG, the Commission concludes that the amendments to IFRS 16 meet the criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002.
(4) Regulation (EU) 2023/1803 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:
Article 1
In the Annex to Regulation (EU) 2023/1803, International Financial Reporting Standard 16 Leases is amended as set out in the Annex to this Regulation.
Article 2
Each company shall apply the amendments referred to in Article 1, at the latest, as from the commencement date of its first financial year starting on or after 1 January 2024.
Article 3
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 20 November 2023.
For the Commission The President Ursula VON DER LEYEN
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