European Commission 11 December 2012, Commission Regulation (EU) No 1254/2012 of 11 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 10, International Financial Reporting Standard 11, International Financial Reporting Standard 12, International Accounting Standard 27 (2011), and International Accounting Standard 28 (2011) Text with EEA relevance

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Commission Regulation (EU) No 1254/2012 amends Regulation (EC) No 1126/2008 to incorporate IFRS 10, IFRS 11, IFRS 12, and the 2011 amendments to IAS 27 and IAS 28 into the Union's accounting framework. The regulation establishes a single consolidation model based on control, defines principles for joint arrangements, and enhances disclosure requirements for interests in other entities. Companies are required to apply these standards at the latest for financial years starting on or after 1 January 2014.AI