18.12.2008 Official Journal of the European Union L 3393 COMMISSION REGULATION (EC) No 1274/2008 of 17 December 2008 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 Accounting Standard (IAS) 1 (Text with EEA relevance) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, 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 (EC) No 11262008 (%) certain international standards and interpretations that were extant at 15 October 2008 were adopted. (20 On 6 September 2007, the International Accounting Standards Board (IASB) published the revision of Inter- national Accounting Standard (IAS) 1 Presentation of Financial Statements, hereinafter ‘revised IAS 1. The revised TAS 1 amends some of the requirements for the presentation of the financial statements and requires some additional information in certain circumstances; it also amends some other accounting standards. The revised TAS 1 replaces International Accounting Standard (IAS) 1 Presentation of Financial Statements revised in 2003, as amended in 2005. (3)  The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that the revised IAS 1 meets the technical criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. In accordance with Commission Decision 2006/505/EC of 14 July 2006 setting up a Standards Advice Review Group to advise the Commission on the objectivity and neutrality of the European  Financial ~Reporting Advisory — Group’s (EFRAG'’s) opinions (*), the Standards Advice Review Group considered EFRAG's opinion on endorsement and advised the European Commission that it is well- balanced and objective. (4)  Regulation (EC) No 1126/2008 should therefore be amended accordingly. (5)  The measures provided for in this Regulation are in accordance with the opinion of the Accounting Regu- latory Committee, HAS ADOPTED THIS REGULATION: Article 1 In the Annex to Regulation (EC) No 1126/2008, International Accounting Standard (IAS) 1 Presentation of Financial Statements (revised in 2003), as amended in 2005, is replaced by the International Accounting Standard (IAS) 1 Presentation of Financial Statements (revised in 2007) in the Annex to this Regulation. Article 2 Each company shall apply IAS 1 (revised in 2007), as set out in the Annex to this Regulation, at the latest, as from the commencement date of its first financial year starting after 31 December 2008. Article 3 This Regulation shall enter into force on the third day following 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, 17 December 2008. () O] L 243, 11.9.2002, p. 1. () O] L 320, 29.11.2008, p. 1. For the Commission Charlie McCREEVY Member of the Commission () O] L 199, 21.7.2006, p. 33.