Page 54 - 2board23full
P. 54
Financial Statements
• IAS 24 (Revised) “Related Party Disclosures”. This amendment attempts to reduce disclosures of transactions between
government-related entities and clarify related-party definition.
• IAS 32 (Amendment) “Financial Instruments: Presentation”. This amendment clarifies how certain rights issues should
be classified.
• IFRIC 19 “Extinguishing Financial Liabilities with Equity Instruments”. This interpretation addresses the accounting by
the entity that issues equity instruments to a creditor in order to settle, in full or in part, a financial liability.
• IFRIC 14 (Amendment) “The limit of a Defined Benefit Asset, Minimum Funding Requirements and their interaction”.
The amendments apply in limited circumstances: when an entity is subject to minimum funding requirements and
makes an early payment of contributions to cover those requirements.
• Amendments to standards that form part of the IASB’s 2010 annual improvements project.
b) Standards and Interpretations effective from periods beginning on or after 1 January 2012
The Company is currently examining the consequences of the following new standards and interpretations and
amendments to existing standards and interpretations, the application of which is mandatory as from the 2012 financial
statements (unless otherwise stated and provided they have been endorsed):
• IFRS 9 “Financial Instruments” (effective for annual periods beginning on or after 1 January 2015). IFRS 9 is the first
Phase of the Board’s project to replace IAS 39 and deals with the classification and measurement of financial assets
and financial liabilities. The IASB intends to expand IFRS 9 in subsequent phases in order to add new requirements for
impairment and hedge accounting.
• IAS 12 (Amendment) “Income Taxes” (effective for annual periods beginning on or after 1 January 2012). The
amendment to IAS 12 provides a practical approach for measuring deferred tax liabilities and deferred tax assets
when investment property is measured using the fair value model in IAS 40 “Investment Property”. This amendment
has not yet been endorsed by the EU.
• IFRS 13 “Fair Value Measurement” (effective for annual periods beginning on or after 1 January 2013). IFRS 13 provides
new guidance on fair value measurement and disclosure requirements. These requirements do not extend the use of
fair value accounting but provide guidance on how it should be applied where its use is already required or permitted
by other standards within IFRSs. IFRS 13 provides a precise definition of fair value and a single source of fair value
measurement and disclosure requirements for use across IFRSs. This standard has not yet been endorsed by the EU.
• IAS 19 (Amendment) “Employee Benefits” (effective for annual periods beginning on or after 1 January 2013). This
amendment makes significant changes to the recognition and measurement of defined benefit pension expense
and termination benefits (eliminates the corridor approach) and to the disclosures for all employee benefits. This
amendment has not yet been endorsed by the EU.
The following new standards and interpretations and amendments to standards and interpretations will be applied by
the Company as from the 2012 financial statements (unless otherwise stated and provided they have been endorsed),
but will have little or no effect on the explanatory notes and financial data in the 2012 financial statements:
• IAS 32 (Amendment) “Financial Instruments: Presentation” (effective for annual periods beginning on or after
1 January 2014).
• IFRS 7 (Amendment) “Financial Instruments: Disclosures” (not yet endorsed by the EU, effective for annual periods
beginning on or after 1 January 2013).
• IAS 1 (Amendment) “Presentation of Financial Statements” (effective for annual periods beginning on or after 1 July 2012).
The amendment requires entities to separate items presented in other comprehensive income into two groups, based on
whether or not they may be recycled to profit or loss in the future. This amendment has not yet been endorsed by the EU.
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 19 of 50
• IAS 24 (Revised) “Related Party Disclosures”. This amendment attempts to reduce disclosures of transactions between
government-related entities and clarify related-party definition.
• IAS 32 (Amendment) “Financial Instruments: Presentation”. This amendment clarifies how certain rights issues should
be classified.
• IFRIC 19 “Extinguishing Financial Liabilities with Equity Instruments”. This interpretation addresses the accounting by
the entity that issues equity instruments to a creditor in order to settle, in full or in part, a financial liability.
• IFRIC 14 (Amendment) “The limit of a Defined Benefit Asset, Minimum Funding Requirements and their interaction”.
The amendments apply in limited circumstances: when an entity is subject to minimum funding requirements and
makes an early payment of contributions to cover those requirements.
• Amendments to standards that form part of the IASB’s 2010 annual improvements project.
b) Standards and Interpretations effective from periods beginning on or after 1 January 2012
The Company is currently examining the consequences of the following new standards and interpretations and
amendments to existing standards and interpretations, the application of which is mandatory as from the 2012 financial
statements (unless otherwise stated and provided they have been endorsed):
• IFRS 9 “Financial Instruments” (effective for annual periods beginning on or after 1 January 2015). IFRS 9 is the first
Phase of the Board’s project to replace IAS 39 and deals with the classification and measurement of financial assets
and financial liabilities. The IASB intends to expand IFRS 9 in subsequent phases in order to add new requirements for
impairment and hedge accounting.
• IAS 12 (Amendment) “Income Taxes” (effective for annual periods beginning on or after 1 January 2012). The
amendment to IAS 12 provides a practical approach for measuring deferred tax liabilities and deferred tax assets
when investment property is measured using the fair value model in IAS 40 “Investment Property”. This amendment
has not yet been endorsed by the EU.
• IFRS 13 “Fair Value Measurement” (effective for annual periods beginning on or after 1 January 2013). IFRS 13 provides
new guidance on fair value measurement and disclosure requirements. These requirements do not extend the use of
fair value accounting but provide guidance on how it should be applied where its use is already required or permitted
by other standards within IFRSs. IFRS 13 provides a precise definition of fair value and a single source of fair value
measurement and disclosure requirements for use across IFRSs. This standard has not yet been endorsed by the EU.
• IAS 19 (Amendment) “Employee Benefits” (effective for annual periods beginning on or after 1 January 2013). This
amendment makes significant changes to the recognition and measurement of defined benefit pension expense
and termination benefits (eliminates the corridor approach) and to the disclosures for all employee benefits. This
amendment has not yet been endorsed by the EU.
The following new standards and interpretations and amendments to standards and interpretations will be applied by
the Company as from the 2012 financial statements (unless otherwise stated and provided they have been endorsed),
but will have little or no effect on the explanatory notes and financial data in the 2012 financial statements:
• IAS 32 (Amendment) “Financial Instruments: Presentation” (effective for annual periods beginning on or after
1 January 2014).
• IFRS 7 (Amendment) “Financial Instruments: Disclosures” (not yet endorsed by the EU, effective for annual periods
beginning on or after 1 January 2013).
• IAS 1 (Amendment) “Presentation of Financial Statements” (effective for annual periods beginning on or after 1 July 2012).
The amendment requires entities to separate items presented in other comprehensive income into two groups, based on
whether or not they may be recycled to profit or loss in the future. This amendment has not yet been endorsed by the EU.
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 19 of 50
