29.12.2012 Official Journal of the European Union L 360/145 COMMISSION REGULATION (EU) No 1256/2012 of 13 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 7 and International Accounting Standard 32 (Text with EEA relevance) THE EUROPEAN COMMISSION, Having regard to the Treaty on the Functioning of the European Union, 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: (1) By Commission Regulation (EC) No 1126/2008 (?) certain international standards and interpretations that were in existence at 15 October 2008 were adopted. (20 On 16 December 2011, the International Accounting Standards Board (IASB) published amendments to Inter- national Financial Reporting Standard (IFRS) 7 Financial Instruments: Disclosures —Offsetting Financial Assets and Financial Liabilities and to International Accounting Standard (IAS) 32 Financial Instruments: Presentation - Offsetting Financial Assets and Financial Liabilities. The amendment to IFRS 7 aims to require the provision of additional quantitative information in order to allow the users to better compare and reconcile the disclosures under IFRS and the Generally Accepted Accounting Prin- ciples (GAAP) of the United States. In addition, the IASB amended IAS 32 to provide additional guidance to reduce inconsistent application of the standard in practice. (3)  The amendments to IFRS 7 Financial Instruments: Disclosures — Transfers of Financial Assets were adopted by Commission Regulation (EU) No 1205/2011 of 22 November 2011 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 (IFRS) 7 (}) after being approved by the Accounting Regulatory Committee in June 2011. 0] L 243, 11.9.2002, p. 1. () O] L 320, 29.11.2008, p. 1. 0J L 305, 23.11.2011, p. 16. However, the deletion of paragraph 13 of IFRS 7 was inadvertently omitted. This Regulation should remedy this omission. In order for this provision to be efficient, it should apply from 1 July 2011. The provision of retro- activity is necessary with the view to ensure legal certainty for the issuers concerned. (4)  The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that the amendments to IFRS 7 and IAS 32 meet the technical criteria for adoption set out in Article 3(2) of Regulation (EC) No 1606/2002. (5)  Regulation (EC) No 1126/2008 should therefore be amended accordingly. (6)  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 The Annex to Regulation (EC) No 1126/2008 is amended as follows: (1) International Financial Reporting Standard (IFRS) 7 Financial Instruments: Disclosures is amended as set out in the Annex to this Regulation; (2) International Accounting Standard (IAS) 32 Financial Instru- ments: Presentation is amended in accordance with the amendments to IFRS 7 as set out in the Annex to this Regulation; (3) TAS 32 Financial Instruments: Presentation is amended as set out in the Annex to this Regulation; (4) The heading before paragraph 13 and paragraph 13 of IFRS 7 are deleted in accordance with the amendments to IFRS 7 Financial Instruments: Disclosures —Transfers of Financial Assets as adopted by Regulation (EU) No 1205/2011.