Commission Regulation (EU) 2023/2579 of 20 November 2023 amending Regulation (EU) 2023/1803 as regards International Financial Reporting Standard 16

Commission Regulation (EU) 2023/2579 with respect to the applicability of international accounting standards has been published in the Official Journal (OJ) of the EU. The regulation modifies Commission Regulation (EU) 2023/1803 which sets out the international accounting standards to be applied by public companies in accordance with Regulation (EC) No 1606/2002 by revising the International Financial Reporting Standard 16 Leases (IFRS 16) which provides standards for lease recognition, measurement, presentation, and disclosure in financial reports. The latest changes to IFRS 16 „specify how the seller-lessee subsequently measures sale and leaseback transactions“, so the EU Commission.
As the Commission – in consultation with the European Financial Reporting Advisory Group (EFRAG) – found these changes to be worth adopting, the Annex to Regulation (EC) No 2023/1803 is now being changed accordingly.
The newly revised standard must be applied by public companies for financial years starting January 1, 2024.