Page 65 - Annual Report 2015 EN
P. 65
Annual Report 2015
IFRS 16 “Leases”
(effective for annual periods beginning on or after 1 January 2019)
IFRS 16 has been issued in January 2016 and supersedes IAS 17. The objective of the standard is
to ensure the lessees and lessors provide relevant information in a manner that faithfully represents
those transactions. IFRS 16 introduces a single lessee accounting model and requires a lessee to
recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying
asset is of low value. IFRS 16 substantially carries forward the lessor accounting requirements in IAS
17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to
account for those two types of leases differently. The Company is going to investigate the impact of
IFRS 16 on its financial statements. The standard has not yet been endorsed by the EU.
IAS 19R (Amendment) “Employee Bene ts”
(effective for annual periods beginning on or after 1 February 2015)
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.
IAS 1 (Amendments) “Disclosure initiative”
(effective for annual periods beginning on or after 1 January 2016)
These amendments clarify guidance in IAS 1 on materiality and aggregation, the presentation
of subtotals, the structure of financial statements and the disclosure of accounting policies. The
amendments have not yet been endorsed by the EU.
IAS 7 (Amendments) “Disclosure initiative”
(effective for annual periods beginning on or after 1 January 2017)
These amendments require entities to provide disclosures that enable users of financial statements
to evaluate changes in liabilities arising from financing activities. The amendments have not yet been
endorsed by the EU.
Annual improvements to IFRSs 2012 and 2014
The improvements that may have an effect on the consolidated financial statements of the Company
are set out below.
IFRS 13 “Fair value measurement”
(IFRS improvements 2012, effective for annual periods beginning on or after 1 February 2015)
The amendment clarifies that the standard does not remove the ability to measure short-term
receivables and payables at invoice amounts in cases where the impact of not discounting is
immaterial.
IAS 24 “Related party disclosures”
(IFRS improvements 2012, effective for annual periods beginning on or after 1 February 2015)
The standard is amended to include, as a related party, an entity that provides key management
personnel services to the reporting entity or to the parent of the reporting entity.
IFRS 5 “Non-current assets held for sale and discontinued operations”
(IFRS improvements 2014, effective for annual periods beginning on or after 1 January 2016)
The amendment clarifies that, when an asset (or disposal group) is reclassified from ‘held for sale’ to
‘held for distribution’, or vice versa, this does not constitute a change to a plan of sale or distribution,
and does not have to be accounted for as such.
IFRS 7 “Financial instruments: Disclosures”
(IFRS improvements 2014, effective for annual periods beginning on or after 1 January 2016)
The amendment adds specific guidance to help management determine whether the terms of an
arrangement to service a financial asset which has been transferred constitute continuing involvement
and clarifies that the additional disclosure required by the amendments to IFRS 7, ‘Disclosure –
Offsetting financial assets and financial liabilities’ is not specifically required for all interim periods,
unless required by IAS 34.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
22 of 56
IFRS 16 “Leases”
(effective for annual periods beginning on or after 1 January 2019)
IFRS 16 has been issued in January 2016 and supersedes IAS 17. The objective of the standard is
to ensure the lessees and lessors provide relevant information in a manner that faithfully represents
those transactions. IFRS 16 introduces a single lessee accounting model and requires a lessee to
recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying
asset is of low value. IFRS 16 substantially carries forward the lessor accounting requirements in IAS
17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to
account for those two types of leases differently. The Company is going to investigate the impact of
IFRS 16 on its financial statements. The standard has not yet been endorsed by the EU.
IAS 19R (Amendment) “Employee Bene ts”
(effective for annual periods beginning on or after 1 February 2015)
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.
IAS 1 (Amendments) “Disclosure initiative”
(effective for annual periods beginning on or after 1 January 2016)
These amendments clarify guidance in IAS 1 on materiality and aggregation, the presentation
of subtotals, the structure of financial statements and the disclosure of accounting policies. The
amendments have not yet been endorsed by the EU.
IAS 7 (Amendments) “Disclosure initiative”
(effective for annual periods beginning on or after 1 January 2017)
These amendments require entities to provide disclosures that enable users of financial statements
to evaluate changes in liabilities arising from financing activities. The amendments have not yet been
endorsed by the EU.
Annual improvements to IFRSs 2012 and 2014
The improvements that may have an effect on the consolidated financial statements of the Company
are set out below.
IFRS 13 “Fair value measurement”
(IFRS improvements 2012, effective for annual periods beginning on or after 1 February 2015)
The amendment clarifies that the standard does not remove the ability to measure short-term
receivables and payables at invoice amounts in cases where the impact of not discounting is
immaterial.
IAS 24 “Related party disclosures”
(IFRS improvements 2012, effective for annual periods beginning on or after 1 February 2015)
The standard is amended to include, as a related party, an entity that provides key management
personnel services to the reporting entity or to the parent of the reporting entity.
IFRS 5 “Non-current assets held for sale and discontinued operations”
(IFRS improvements 2014, effective for annual periods beginning on or after 1 January 2016)
The amendment clarifies that, when an asset (or disposal group) is reclassified from ‘held for sale’ to
‘held for distribution’, or vice versa, this does not constitute a change to a plan of sale or distribution,
and does not have to be accounted for as such.
IFRS 7 “Financial instruments: Disclosures”
(IFRS improvements 2014, effective for annual periods beginning on or after 1 January 2016)
The amendment adds specific guidance to help management determine whether the terms of an
arrangement to service a financial asset which has been transferred constitute continuing involvement
and clarifies that the additional disclosure required by the amendments to IFRS 7, ‘Disclosure –
Offsetting financial assets and financial liabilities’ is not specifically required for all interim periods,
unless required by IAS 34.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
22 of 56
