Page 63 - Annual Report 2013
P. 63
Annual Report 2013
IFRIC 21 “Levies” (effective for annual periods beginning on or after 1 January 2014)
This interpretation sets out the accounting for an obligation to pay a levy imposed by government that
is not income tax. The interpretation clarifies that the obligating event that gives rise to a liability to pay
a levy (one of the criteria for the recognition of a liability according to IAS 37) is the activity described in
the relevant legislation that triggers the payment of the levy. The interpretation could result in recogni-
tion of a liability later than today, particularly in connection with levies that are triggered by circumstanc-
es on a specific date. This interpretation has not yet been endorsed by the EU.
IAS 39 (Amendment) “Financial Instruments: Recognition and Measurement”
(effective for annual periods beginning on or after 1 January 2014)
This amendment will allow hedge accounting to continue in a situation where a derivative, which has
been designated as a hedging instrument, is novated to effect clearing with a central counterparty as a
result of laws or regulations, if specific conditions are met.
IAS 19R (Amendment) “Employee Benefits”
(effective for annual periods beginning on or after 1 July 2014)
These narrow scope amendments apply to contributions from employees or third parties to defined
benefit plans and simplify the accounting for contributions that are independent of the number of years
of employee service, for example, employee contributions that are calculated according to a fixed
percentage of salary. These amendments have not yet been endorsed by the EU.
Annual Improvements to IFRSs 2012
(effective for annual periods beginning on or after 1 July 2014)
The amendments set out below describe the key changes to seven IFRSs following the publication of
the results of the IASB’s 2010-12 cycle of the annual improvements project. The improvements have not
yet been endorsed by the EU.
IFRS 2 “Share-based payment”
The amendment clarifies the definition of a ‘vesting condition’ and separately defines ‘performance
condition’ and ‘service condition’.
IFRS 3 “Business combinations”
The amendment clarifies that an obligation to pay contingent consideration which meets the definition
of a financial instrument is classified as a financial liability or as equity, on the basis of the definitions in
IAS 32 “Financial instruments: Presentation”. It also clarifies that all non-equity contingent consider-
ation, both financial and non-financial, is measured at fair value through profit or loss.
IFRS 8 “Operating segments”
The amendment requires disclosure of the judgements made by management in aggregating operating
segments.
IFRS 13 “Fair value measurement”
The amendment clarifies that the standard does not remove the ability to measure short-term receiv-
ables and payables at invoice amounts in cases where the impact of not discounting is immaterial.
IAS 16 “Property, plant and equipment” and IAS 38 “Intangible assets”
Both standards are amended to clarify how the gross carrying amount and the accumulated deprecia-
tion are treated where an entity uses the revaluation model.
IAS 24 “Related party disclosures”
The standard is amended to include, as a related party, an entity that provides key management per-
sonnel services to the reporting entity or to the parent of the reporting entity.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 22 of 58
IFRIC 21 “Levies” (effective for annual periods beginning on or after 1 January 2014)
This interpretation sets out the accounting for an obligation to pay a levy imposed by government that
is not income tax. The interpretation clarifies that the obligating event that gives rise to a liability to pay
a levy (one of the criteria for the recognition of a liability according to IAS 37) is the activity described in
the relevant legislation that triggers the payment of the levy. The interpretation could result in recogni-
tion of a liability later than today, particularly in connection with levies that are triggered by circumstanc-
es on a specific date. This interpretation has not yet been endorsed by the EU.
IAS 39 (Amendment) “Financial Instruments: Recognition and Measurement”
(effective for annual periods beginning on or after 1 January 2014)
This amendment will allow hedge accounting to continue in a situation where a derivative, which has
been designated as a hedging instrument, is novated to effect clearing with a central counterparty as a
result of laws or regulations, if specific conditions are met.
IAS 19R (Amendment) “Employee Benefits”
(effective for annual periods beginning on or after 1 July 2014)
These narrow scope amendments apply to contributions from employees or third parties to defined
benefit plans and simplify the accounting for contributions that are independent of the number of years
of employee service, for example, employee contributions that are calculated according to a fixed
percentage of salary. These amendments have not yet been endorsed by the EU.
Annual Improvements to IFRSs 2012
(effective for annual periods beginning on or after 1 July 2014)
The amendments set out below describe the key changes to seven IFRSs following the publication of
the results of the IASB’s 2010-12 cycle of the annual improvements project. The improvements have not
yet been endorsed by the EU.
IFRS 2 “Share-based payment”
The amendment clarifies the definition of a ‘vesting condition’ and separately defines ‘performance
condition’ and ‘service condition’.
IFRS 3 “Business combinations”
The amendment clarifies that an obligation to pay contingent consideration which meets the definition
of a financial instrument is classified as a financial liability or as equity, on the basis of the definitions in
IAS 32 “Financial instruments: Presentation”. It also clarifies that all non-equity contingent consider-
ation, both financial and non-financial, is measured at fair value through profit or loss.
IFRS 8 “Operating segments”
The amendment requires disclosure of the judgements made by management in aggregating operating
segments.
IFRS 13 “Fair value measurement”
The amendment clarifies that the standard does not remove the ability to measure short-term receiv-
ables and payables at invoice amounts in cases where the impact of not discounting is immaterial.
IAS 16 “Property, plant and equipment” and IAS 38 “Intangible assets”
Both standards are amended to clarify how the gross carrying amount and the accumulated deprecia-
tion are treated where an entity uses the revaluation model.
IAS 24 “Related party disclosures”
The standard is amended to include, as a related party, an entity that provides key management per-
sonnel services to the reporting entity or to the parent of the reporting entity.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 22 of 58
