L 21/16 Official Journal of the European Union 24.1.2009 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) 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 ('), and in particular Article 3(1) thereof, Whereas: o) By Commission Regulation (EC) No 1126/2008 (3 certain international standards and interpretations that were extant at 15 October 2008 were adopted. In May 2008, the International Accounting Standards Board (IASB) published Improvements to International Financial ~ Reporting  Standards,  hereinafter ~ ‘the Improvements’, in the framework of its annual improvement process which aims at streamlining and clarifying the international accounting standards. The Improvements include 35 amendments to the existing international accounting standards divided into two parts, Part I contains amendments that result in accounting changes for presentation, recognition or measurement purposes, Part II relates to changes in terminology or to amendments of editorial nature. The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that the Improvements meet 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 Commission that it is well-balanced and objective. Regulation (EC) No 1126/2008 should therefore be amended accordingly. OJ L 243, 11.9.2002, p. 1. OJ L 320, 29.11.2008, p. 1. OJ L 199, 21.7.2006, p. 33. (5)  The measures provided for in this Regulation are in accordance with the opinion of the Accounting Regu- latory Committee, HAS ADOPTED THIS REGULATION: Atrticle 1 The Annex to Regulation (EC) No 1126/2008 is amended as follows: 1. International Financial Reporting Standard (IFRS) 5 is amended as set out in the Annex to this Regulation; 2. International Accounting Standard (IAS) 1, TIAS 8, IAS 10, IAS 16, IAS 19, IAS 20, IAS 23, IAS 27, IAS 28, IAS 29, IAS 31, IAS 34, IAS 36, IAS 38, IAS 39, IAS 40; IAS 41 are amended as set out in the Annex to this Regulation; 3. IFRS 1 is amended in accordance with the amendments to IFRS 5 as set out in the Annex to this Regulation; 4. T1AS 7 is amended in accordance with the amendments to IAS 16 as set out in the Annex to this Regulation; 5. IFRS 7 and IAS 32 are amended in accordance with the amendments to IAS 28 and IAS 31 as set out in the Annex to this Regulation; 6. IAS 16 is amended in accordance with the amendments to IAS 40 as set out in the Annex to this Regulation; 7. IAS 41 is amended in accordance with the amendments to TIAS 20 as set out in the Annex to this Regulation; 8. IFRS 5, IAS 2 and IAS 36 are amended in accordance with the amendments to IAS 41 as set out in the Annex to this Regulation.