European Commission 23 January 2009, Commission Regulation (EC) No 70/2009 of 23 January 2009 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 Improvements to International Financial Reporting Standards (IFRSs) (Text with EEA relevance)

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Commission Regulation (EC) No 70/2009 amends Regulation (EC) No 1126/2008 to incorporate thirty-five amendments to various International Financial Reporting Standards (IFRSs) and International Accounting Standards (IAS) as part of the IASB's annual improvement process. The regulation distinguishes between Part I amendments, which involve substantive changes to presentation, recognition, or measurement, and Part II amendments, which focus on terminology and editorial clarifications. These amendments generally apply to financial years beginning after 31 December 2008, with specific provisions for IFRS 5 and IFRS 1 applying to years starting after 30 June 2009.AI