Do the carve-outs mean that the Commission has become a standard setter?
The Commission is not a standard setter and has no intention of becoming one. The Commission has neither re-written the standard, nor has it added a single word to the standard. However, the Commission adopted a solution leaving out certain parts that are not mature and suitable. The parts cut out are legally distinct and separable. The IAS Regulation gives the Commission not only the right but also the responsibility to act in this way. In general, the system laid down in Article 3 of the IAS-Regulation is designed so that adoption or non adoption of standards by the Commission should take place as a whole. However, a standard may in reality cover two or more accounting subjects which are entirely autonomous, distinct and separable. If the Commission were to adopt such a norm “as a whole”, the Commission would be unduly bound by the scope of the standard chosen by the IASB. The Commission can therefore decide on the partial application of a standard where such a standard covers severa
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