Review of Commission Implementing Regulation (EU) 2026/329
This regulation updates customs procedures by formally including the Republic of Moldova and Montenegro in the EU’s common transit system. It amends Implementing Regulation (EU) 2015/2447 by adding these countries to the list of countries for guarantor’s undertakings for transit. Specifically, Annexes 32-01, 32-02, and 32-03, as well as Part II, Chapters VI and VII of Annex 72-04, are modified to reflect this change. Until December 31, 2026, existing forms can still be used if adapted to include Moldova or Montenegro.
Review of UN Regulation No. 167
UN Regulation No. 167 establishes uniform standards for approving M2, M3, N2, and N3 category vehicles concerning their direct vision capabilities. It aims to minimize blind spots and improve the driver’s visibility of vulnerable road users, particularly in urban settings. Vehicles are categorized into Levels 1, 2, or 3 based on weight, chassis, engine power, and cab type, each with different minimum visible volume requirements. Compliance can be demonstrated through a physical test (Annex 6) or a numerical test (Annex 7). Certain vehicles approved under UN Regulation No. 125 are considered compliant. Transitional provisions address the acceptance of type-approvals issued under previous versions of the regulation.
Review of Commission Regulation (EU) 2026/338
Commission Regulation (EU) 2026/338 amends Commission Regulation (EU) 2023/1803 to incorporate International Financial Reporting Standard (IFRS) 18, which deals with presentation and disclosure in financial statements. It inserts IFRS 18 into the Annex of the regulation and modifies several existing IFRS and IAS standards and interpretations to align with IFRS 18. Also withdraws IAS 1. Income and expenses included in the statement of profit or loss must be classified into one of five categories: operating, investing, financing, income taxes, and discontinued operations. The regulation provides guidelines for defining subtotals, disclosing management-defined performance measures, and aggregating or disaggregating financial statement items. These changes are effective for financial years starting on or after January 1, 2027.
Review of each of legal acts published today:
Commission Implementing Regulation (EU) 2026/329 of 13 February 2026 amending Implementing Regulation (EU) 2015/2447 as regards adding the Republic of Moldova and Montenegro to the list of countries in the guarantor’s undertakings for transit
This Commission Implementing Regulation (EU) 2026/329 amends Implementing Regulation (EU) 2015/2447 to include the Republic of Moldova and Montenegro in the list of countries for guarantor’s undertakings for transit. This change is made in response to the accession of Moldova and Montenegro to the Convention on a Common Transit Procedure. The regulation ensures that the customs procedures reflect the updated list of countries participating in the common transit system.
The regulation modifies Annexes 32-01, 32-02, and 32-03, as well as Part II, Chapters VI and VII of Annex 72-04 of Implementing Regulation (EU) 2015/2447. The amendments consist of inserting “the Republic of Moldova, Montenegro,” in the relevant sections of these annexes, specifically in the context of guarantor’s undertakings and guarantee certificates. To allow for the use of existing stocks of guarantor’s undertaking forms, the previous versions of the forms can be used until December 31, 2026, provided that the necessary geographical adaptations and information about authorized agents in Moldova or Montenegro are included.
The most important provision is the inclusion of the Republic of Moldova and Montenegro in the lists of countries in the specified annexes, which facilitates the application of the Common Transit Procedure involving these countries. Additionally, the transitional provision allowing the use of old forms until the end of 2026, with necessary adaptations, is significant for practical implementation.
**** This regulation has implications for the Republic of Moldova and Montenegro, as it formally integrates them into the EU’s common transit system, which may affect trade and customs procedures involving these countries.
UN Regulation No 167 – Uniform Provisions concerning the approval of motor vehicles with regard to their Direct Vision [2026/272]
This is a description of UN Regulation No. 167, which concerns the approval of motor vehicles with regard to their Direct Vision.
**Essence of the Act:**
UN Regulation No. 167 sets out uniform provisions for the approval of M2, M3, N2, and N3 category vehicles concerning their direct vision capabilities. The goal is to minimize blind spots and improve the driver’s ability to see vulnerable road users (VRUs) such as pedestrians and cyclists, especially during low-speed maneuvers in urban environments. The regulation defines specific requirements for direct vision based on vehicle categories and operational characteristics, aiming to enhance road safety by improving the driver’s awareness of their surroundings. The regulation includes different performance levels for different subcategories of vehicles, based on the likelihood that they will be regularly used in urban areas.
**Structure and Main Provisions:**
The regulation includes definitions, application procedures for approval, specifications, and test procedures to measure direct vision. It defines key terms such as “direct vision,” “assessment volume,” and “vision occlusion.” The regulation outlines the process for assigning vehicles to different direct vision levels based on their characteristics and intended use. It specifies minimum visible volume requirements for each level, which can be assessed using either a physical or a numerical test method. The regulation also includes provisions for conformity of production, penalties for non-conformity, and transitional arrangements.
**Main Provisions for Use:**
1. **Vehicle Classification:** Vehicles are classified into Levels 1, 2, or 3 based on factors like gross weight, chassis execution, engine power, and cab type. Each level has different minimum visible volume requirements.
2. **Visible Volume Measurement:** The regulation provides two methods for measuring visible volume: a physical test method (Annex 6) and a numerical test method (Annex 7). Manufacturers can choose either method, but they must demonstrate the accuracy of the numerical method to the approval authority.
3. **Minimum Visible Volume Requirements:** Table 1 in paragraph 5.2.2 specifies the minimum visible volume requirements for each level. These requirements vary for the nearside, front, and offside visible volumes.
4. **Alternative Compliance:** Vehicles of categories M2 and N2 derived from M1 or N1 approved to UN Regulation No. 125, shall be considered compliant with the requirements of this Regulation.
5. **Transitional Provisions:** The regulation includes transitional provisions that specify the dates after which Contracting Parties are no longer obliged to accept type-approvals issued under previous versions of the regulation.
Commission Regulation (EU) 2026/338 of 13 February 2026 amending Regulation (EU) 2023/1803 as regards International Financial Reporting Standard 18
Here’s a breakdown of the Commission Regulation (EU) 2026/338:
**1. Essence of the Act:**
This regulation amends Commission Regulation (EU) 2023/1803 to incorporate International Financial Reporting Standard (IFRS) 18, which deals with presentation and disclosure in financial statements. IFRS 18 aims to improve the quality and comparability of information communicated in financial statements, particularly focusing on the statement of profit or loss. The adoption of IFRS 18 leads to consequential amendments in numerous other accounting standards and interpretations and the withdrawal of IAS 1 Presentation of Financial Statements.
**2. Structure and Main Provisions:**
* **Article 1:** This article details the amendments to Regulation (EU) 2023/1803. It inserts IFRS 18 into the Annex of the regulation and modifies several existing IFRS and IAS standards and interpretations to align with IFRS 18. It also withdraws IAS 1.
* **Article 2:** Specifies the application date of the amendment, requiring companies to apply it no later than the beginning of their first financial year starting on or after 1 January 2027.
* **Article 3:** Sets the entry into force of the regulation as the twentieth day following its publication in the Official Journal of the European Union and declares that it is binding in its entirety and directly applicable in all Member States.
* **Annex:** Contains the full text of IFRS 18, outlining its objective, scope, general requirements for financial statements, statement of profit or loss, statement presenting comprehensive income, statement of financial position, statement of changes in equity, notes, and appendices defining terms and providing application guidance. It also details amendments to other IFRS Accounting Standards.
**Key changes introduced by IFRS 18:**
* Requires companies to define subtotals in the statement of profit or loss.
* Requires disclosure about management-defined performance measures.
* Adds new principles for aggregation and disaggregation of information.
**3. Main Provisions Important for Use:**
* **Categories in the statement of profit or loss (paragraph 47):** An entity shall classify income and expenses included in the statement of profit or loss in one of five categories: the operating category, the investing category, the financing category, the income taxes category, and the discontinued operations category.
* **Management-defined performance measures (paragraph 117):** A management-defined performance measure is a subtotal of income and expenses that an entity uses in public communications outside financial statements, to communicate to users of financial statements management’s view of an aspect of the financial performance of the entity as a whole, and is not specifically required to be presented or disclosed by IFRS Accounting Standards.
* **Aggregation and disaggregation (paragraph 41):** Unless doing so would override specific aggregation or disaggregation requirements in IFRS Accounting Standards, an entity shall classify and aggregate assets, liabilities, equity, income, expenses or cash flows into items based on shared characteristics, disaggregate items based on characteristics that are not shared, aggregate or disaggregate items to present line items in the primary financial statements that fulfil the role of the primary financial statements in providing useful structured summaries, aggregate or disaggregate items to disclose information in the notes that fulfils the role of the notes in providing material information, and ensure that aggregation and disaggregation in the financial statements do not obscure material information.
* **Effective Date:** Companies must apply these changes for financial years starting on or after January 1, 2027.
