Page 62 - Annual Report 2013
P. 62
Financial Statements
IAS 32 “Financial instruments: Presentation”
The amendment clarifies that income tax related to distributions is recognised in the income statement
and income tax related to the costs of equity transactions is recognised in equity, in accordance with
IAS 12.
IAS 34 ‘Interim financial reporting’
The amendment clarifies the disclosure requirements for segment assets and liabilities in interim finan-
cial statements, in line with the requirements of IFRS 8 “Operating segments”.
Standards and Interpretations effective for periods
beginning on or after 1 January 2014
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 subse-
quent phases in order to add new requirements for impairment. IFRS 9 has not been endorsed by the
EU.
IFRS 9 “Financial Instruments: Hedge accounting and amendments to IFRS 9, IFRS7 and
IAS 39” (effective for annual periods beginning on or after 1 January 2015)
The IASB has published IFRS 9 Hedge Accounting, the third phase of its replacement of IAS 39 which
establishes a more principles-based approach to hedge accounting and addresses inconsistencies
and weaknesses in the current model in IAS 39. The second amendment requires changes in the fair
value of an entity’s debt attributable to changes in an entity’s own credit risk to be recognised in other
comprehensive income and the third amendment is the removal of the mandatory effective date of
IFRS 9. These amendments have not yet been endorsed by the EU.
IFRS 7 (Amendment) “Financial Instruments: Disclosures”
(effective for annual periods beginning on or after 1 January 2015)
The amendment requires additional disclosures on transition from IAS 39 to IFRS 9. The amendment
has not yet been endorsed by the EU.
IAS 32 (Amendment) “Financial Instruments: Presentation”
(effective for annual periods beginning on or after 1 January 2014)
This amendment to the application guidance in IAS 32 clarifies some of the requirements for offsetting
financial assets and financial liabilities on the statement of financial position.
Group of standards on consolidation and joint arrangements
(effective for annual periods beginning on or after 1 January 2014)
The IASB has published five new standards on consolidation and joint arrangements: IFRS 10, IFRS
11, IFRS 12, IAS 27 (amendment) and IAS 28 (amendment). These standards are effective for annual
periods beginning on or after 1 January 2014. Earlier application is permitted only if the entire “package”
of five standards is adopted at the same time.
IAS 36 (Amendment) “Recoverable amount disclosures for non-financial assets”
(effective for annual periods beginning on or after 1 January 2014)
This amendment requires: a) disclosure of the recoverable amount of an asset or cash generating unit
(CGU) when an impairment loss has been recognised or reversed and b) detailed disclosure of how
the fair value less costs of disposal has been measured when an impairment loss has been recognised
or reversed. Also, it removes the requirement to disclose recoverable amount when a CGU contains
goodwill or indefinite lived intangible assets but there has been no impairment.
21 of 58 Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated).
IAS 32 “Financial instruments: Presentation”
The amendment clarifies that income tax related to distributions is recognised in the income statement
and income tax related to the costs of equity transactions is recognised in equity, in accordance with
IAS 12.
IAS 34 ‘Interim financial reporting’
The amendment clarifies the disclosure requirements for segment assets and liabilities in interim finan-
cial statements, in line with the requirements of IFRS 8 “Operating segments”.
Standards and Interpretations effective for periods
beginning on or after 1 January 2014
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 subse-
quent phases in order to add new requirements for impairment. IFRS 9 has not been endorsed by the
EU.
IFRS 9 “Financial Instruments: Hedge accounting and amendments to IFRS 9, IFRS7 and
IAS 39” (effective for annual periods beginning on or after 1 January 2015)
The IASB has published IFRS 9 Hedge Accounting, the third phase of its replacement of IAS 39 which
establishes a more principles-based approach to hedge accounting and addresses inconsistencies
and weaknesses in the current model in IAS 39. The second amendment requires changes in the fair
value of an entity’s debt attributable to changes in an entity’s own credit risk to be recognised in other
comprehensive income and the third amendment is the removal of the mandatory effective date of
IFRS 9. These amendments have not yet been endorsed by the EU.
IFRS 7 (Amendment) “Financial Instruments: Disclosures”
(effective for annual periods beginning on or after 1 January 2015)
The amendment requires additional disclosures on transition from IAS 39 to IFRS 9. The amendment
has not yet been endorsed by the EU.
IAS 32 (Amendment) “Financial Instruments: Presentation”
(effective for annual periods beginning on or after 1 January 2014)
This amendment to the application guidance in IAS 32 clarifies some of the requirements for offsetting
financial assets and financial liabilities on the statement of financial position.
Group of standards on consolidation and joint arrangements
(effective for annual periods beginning on or after 1 January 2014)
The IASB has published five new standards on consolidation and joint arrangements: IFRS 10, IFRS
11, IFRS 12, IAS 27 (amendment) and IAS 28 (amendment). These standards are effective for annual
periods beginning on or after 1 January 2014. Earlier application is permitted only if the entire “package”
of five standards is adopted at the same time.
IAS 36 (Amendment) “Recoverable amount disclosures for non-financial assets”
(effective for annual periods beginning on or after 1 January 2014)
This amendment requires: a) disclosure of the recoverable amount of an asset or cash generating unit
(CGU) when an impairment loss has been recognised or reversed and b) detailed disclosure of how
the fair value less costs of disposal has been measured when an impairment loss has been recognised
or reversed. Also, it removes the requirement to disclose recoverable amount when a CGU contains
goodwill or indefinite lived intangible assets but there has been no impairment.
21 of 58 Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated).
