Page 55 - 2board23full
P. 55
Standards and Interpretations effective for the current financial year
IFRS 7 (Amendment) “Financial Instruments: Disclosures” – transfers of financial assets
This amendment sets out disclosure requirements for transferred financial assets not derecognised in their entirety as
well as on transferred financial assets derecognised in their entirety but in which the reporting entity has continuing
involvement. It also provides guidance on applying the disclosure requirements. This amendment does not affect the
Company’s financial statements.
Standards and Interpretations effective from periods beginning on or after 1 January 2013
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. The Company is currently investigating the impact of IFRS 9 on its
financial statements. IFRS 9 has not been endorsed by the EU.
IAS 12 (Amendment) “Income Taxes” (Effective for annual periods beginning on or after 1 January 2013)
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 is
not relevant to the Company.
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. Disclosure requirements are enhanced
and apply to all assets and liabilities measured at fair value, not just financial ones.
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.
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. The key changes
relate mainly to recognition of actuarial gains and losses, recognition of past service cost/curtailment, measurement
of pension expense, disclosure requirements, treatment of expenses and taxes relating to employee benefit plans and
distinction between “short-term” and “other long-term” benefits. Refer to Note 5.21 for the estimated impact of a
hypothetical early adoption of the amended IAS 19 for the year ended 31 December 2012.
IFRS 7 (Amendment) “Financial Instruments: Disclosures” (effective for annual periods beginning on or after 1 January
2013)
The IASB has published this amendment to include information that will enable users of an entity’s financial statements
to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity’s
recognised financial assets and recognised financial liabilities, on the entity’s financial position.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 20 of 54
IFRS 7 (Amendment) “Financial Instruments: Disclosures” – transfers of financial assets
This amendment sets out disclosure requirements for transferred financial assets not derecognised in their entirety as
well as on transferred financial assets derecognised in their entirety but in which the reporting entity has continuing
involvement. It also provides guidance on applying the disclosure requirements. This amendment does not affect the
Company’s financial statements.
Standards and Interpretations effective from periods beginning on or after 1 January 2013
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. The Company is currently investigating the impact of IFRS 9 on its
financial statements. IFRS 9 has not been endorsed by the EU.
IAS 12 (Amendment) “Income Taxes” (Effective for annual periods beginning on or after 1 January 2013)
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 is
not relevant to the Company.
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. Disclosure requirements are enhanced
and apply to all assets and liabilities measured at fair value, not just financial ones.
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.
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. The key changes
relate mainly to recognition of actuarial gains and losses, recognition of past service cost/curtailment, measurement
of pension expense, disclosure requirements, treatment of expenses and taxes relating to employee benefit plans and
distinction between “short-term” and “other long-term” benefits. Refer to Note 5.21 for the estimated impact of a
hypothetical early adoption of the amended IAS 19 for the year ended 31 December 2012.
IFRS 7 (Amendment) “Financial Instruments: Disclosures” (effective for annual periods beginning on or after 1 January
2013)
The IASB has published this amendment to include information that will enable users of an entity’s financial statements
to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity’s
recognised financial assets and recognised financial liabilities, on the entity’s financial position.
Financial Statements as at 31 December 2012 (Amounts in Euros unless otherwise stated) Page 20 of 54
