31.12.2004 Official Journal of the European Union L 392/1 I (Acts whose publication is obligatory) COMMISSION REGULATION (EC) No 2236/2004 of 29 December 2004 amending Regulation (EC) No 1725/2003 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 Standards (IFRSs) Nos 1, 3 to 5, International Accounting Standards (IASs) Nos 1, 10,12, 14,16 to 19, 22, 27, 28, 31 to 41 and the interpretations by the Standard Interpretation Committee (SIC) Nos 9, 22, 28 and 32 (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: (1) By Commission Regulation (EC) No 1725/2003 (2), certain international standards and interpretations that were extant at 1 September 2002 were adopted. (20 On 31 March 2004, the International Accounting Stan- dard Board (IASB) published among others three new stan- dards, International Financial Reporting Standards (IFRSs) Nos 3 to 5, and two revised standards, IASs Nos 36 and 38, containing consequential changes. Those new standards further complete the ‘stable platform’, that is the set of standards which listed Community companies will have to apply in their consolidated accounts from 1 January 2005 onwards. The general objective is to improve the quality of International Accounting Standards (IASs) as well as to increase convergence of accounting standards around the world. (3)  The consultation with technical experts in the field con- firms that the new IFRSs and the revised IASs meet the technical criteria for adoption set out in Article 3 of Regu- lation (EC) No 1606/2002, and in particular the require- ment of being conducive to the European public good. () OJ L 243, 11.9.2002, p. 1. (3 OJ L 261, 13.10.2003, p. 1. Regulation as last amended by Regula- tion (EC) No 2086/2004 (O] L 363, 9.12.2004, p. 1). (4)  The adoption of IAS 36 implies, by way of consequence, amendments to IAS 16, which was adopted by Regulation (EC) No 1725/2003, in order to ensure consistency between the accounting standards concerned. (5)  The adoption of IFRS 3, 4 and 5 implies, by way of con- sequence, amendments to other international accounting standards and interpretations in order to ensure consis- tency between international accounting standards. Those consequential amendments are affecting International Financial Reporting Standard (IFRS) No 1, International Accounting Standards (IASs) Nos 1, 10, 12, 14, 16 to 19, 27,28, 31 to 34, 36 to 41 and interpretation issued by the Standard Interpretation Committee (SIC) No 32. In addi- tion, the adoption of IFRS 3 makes redundant the Interna- tional Accounting Standard (IAS) 22 and the interpreta- tions issued by the Standard Interpretation Committee (SIC) Nos 9, 22 and 28; they should accordingly be replaced. Furthermore, adoption of IFRS 5 should lead to a replacement of IAS 35. (6)  Regulation (EC) No 1725/2003 should therefore be amended accordingly. (7)  The measures provided for in this Regulation are in accor- dance with the opinion of the Accounting Regulatory Committee, HAS ADOPTED THIS REGULATION: Article 1 The Annex to Regulation (EC) No 1725/2003 is amended as follows: (1) The International Accounting Standard (IAS) 22 and the interpretations by the Standard Interpretation Committee (SIC) Nos 9, 22 and 28 are replaced by International Finan- cial Reporting Standard (IFRS) 3 [Business combinations] as set out in the Annex to this Regulation;