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Date: 25-Jan-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 162/2021 of 23 April 2021 amending Annex XXII (Company law) to the EEA Agreement [2024/137]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The Decision of the EEA Joint Committee No 162/2021 incorporates Commission Regulation (EU) 2020/1434 into the EEA Agreement by amending Annex XXII (Company law). This regulation amends Regulation (EC) No 1126/2008 regarding the adoption of international accounting standards, specifically concerning International Financial Reporting Standard 16 (IFRS 16).

Key Changes

  • The decision adds a new indent to point 10ba of Annex XXII to the EEA Agreement, referencing Commission Regulation (EU) 2020/1434 of 9 October 2020 (OJ L 331, 12.10.2020, p. 20).
  • The text of Regulation (EU) 2020/1434 in Icelandic and Norwegian languages will be published in the EEA Supplement to the Official Journal of the European Union and will be authentic.
  • The Decision came into force on 24 April 2021, following the necessary notifications under Article 103(1) of the EEA Agreement.

Impact Analysis

Businesses within the EEA

  • Businesses should update their accounting policies and procedures to reflect the incorporated amendments to IFRS 16.

EEA Member States

  • No specific constitutional requirements were indicated that would prevent the implementation of the decision.

Accounting Professionals

  • Auditors should ensure that financial statements comply with the updated IFRS 16 requirements.

Key Entities Referenced

EEA Joint Committee: The governing body responsible for amending the EEA Agreement. Commission Regulation (EU) 2020/1434: The regulation amending Regulation (EC) No 1126/2008 as regards International Financial Reporting Standard 16. Regulation (EC) No 1126/2008: The regulation adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002. Regulation (EC) No 1606/2002: Regulation of the European Parliament and of the Council on the application of international accounting standards. IFRS 16: International Financial Reporting Standard 16, concerning leases. EEA Agreement: Agreement on the European Economic Area.
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Official Journal EN of the European Union L series 2024/137 25.1.2024 DECISION OF THE EEA JOINT COMMITTEE No 162/2021 of 23 April 2021 amending Annex XXII (Company law) to the EEA Agreement [2024/137] THE EEA JOINT COMMITTEE, Having regard to the Agreement on the European Economic Area (“the EEA Agreement”), and in particular Article 98 thereof, Whereas: (1) Commission Regulation (EU) 2020/1434 of 9 October 2020 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 16(1)is to be incorporated into the EEA Agreement. (2) Annex XXII to the EEA Agreement should therefore be amended accordingly, HAS ADOPTED THIS DECISION: Article 1 The following indent is added in point 10ba (Commission Regulation (EC) No 1126/2008) of Annex XXII to the EEA Agreement: ‘- 32020 R 1434: Commission Regulation (EU) 2020/1434 of 9 October 2020(OJ L 331, 12.10.2020, p. 20).’ Article 2 The text of Regulation (EU) 2020/1434 in the Icelandic and Norwegian languages, to be published in the EEA Supplement to the Official Journal of the European Union, shall be authentic. Article 3 This Decision shall enter into force on 24 April 2021, provided that all the notifications under Article 103(1) of the EEA Agreement have been made*. Article 4 This Decision shall be published in the EEA Section of, and in the EEA Supplement to, the Official Journal of the European Union. Done at Brussels, 23 April 2021. For the EEA Joint Committee The President Clara GANSLANDT (1) OJ L 331, 12.10.2020, p. 20. * No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/137/oj 1/1

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