19.2.2011 Official Journal of the European Union L 46/1 II (Non-legislative acts) REGULATIONS COMMISSION REGULATION (EU) No 149/2011 of 18 February 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 Improvements to International Financial Reporting Standards (IFRSs) (Text with EEA relevance) THE EUROPEAN COMMISSION, (3)  The consultation with the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) confirms that the Improvements meet the ) o technical criteria for adoption set out in Article 3(2) of Having regard to the Treaty on the Functioning of the European Regulation (EC) No 1606/2002. In accordance with Union, 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 Having regard to Regulation (EC) No 1606/2002 of the Europea’n Fi.nz%ncial3 Reporting Advisor}{ Grogp’s European Parliament and of the Council of 19 July 2002 on (EFRAG's) opinions (°), the Standards Advice Review the application of international accounting standards ('), and in Group c.onsidered EFRA_G’_S opiniorl. on endorsement particular Article 3(1) thereof and advised the Commission that it is well-balanced and objective. Whereas: (4  Regulation (EC) No 1126/2008 should therefore be amended accordingly. (1) By Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (55  The measures provided for in this Regulation are in (EC) No 1606/2002 of the European Parliament and of accordance with the opinion of the Accounting Regu- the Council (3) certain international standards and inter- latory Committee, pretations that were in existence at 15 October 2008 were adopted. HAS ADOPTED THIS REGULATION: 2 On 10 May 2010, the International Accounting Standards Board (IASB) published Improvements to Inter- . national Financial Reporting Standards, hereinafter ‘the Article 1 Improvements’, in the framework of its annual The Annex to Regulation (EC) No 1126/2008 is amended as improvement process which aims at streamlining and follows: clarifying the international accounting standards. The majority of the amendments are clarifications or corrections of existing International Financial Reporting Standards (IFRS) or amendments consequential to 1. International Financial Reporting Standard (IFRS) 1 is changes previously made to IFRS. Three amendments amended as set out in the Annex to this Regulation; (two amendments to IFRS 1 and one amendment to IAS 34) involve changes to the existing requirements or additional guidance on the implementation of those requirements. 2. {FRS 7 is amended as set out in the Annex to this Regu- ation; () O] L 243, 11.9.2002, p. 1. () O] L 320, 29.11.2008, p. 1. () O] L 199, 21.7.2006, p. 33.