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Financial Statements aia.gr
IFRS 7 “Financial instruments: Disclosures”
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.
IAS 19 “Employee benefits”
The amendment clarifies that, when determining the discount rate for post-employment benefit
obligations, it is the currency that the liabilities are denominated in that is important, and not the country
where they arise.
IAS 34 “Interim financial reporting”
The amendment clarifies what is meant by the reference in the standard to ‘information disclosed
elsewhere in the interim financial report’.
Standards and Interpretations effective for subsequent periods
IFRS 9 “Financial Instruments” and subsequent amendments to IFRS 9 and IFRS 7
(effective for annual periods beginning on or after 1 January 2018)
IFRS 9 replaces the guidance in IAS 39 which deals with the classification and measurement of financial
assets and financial liabilities and it also includes an expected credit losses model that replaces the
incurred loss impairment model used today. IFRS 9 establishes a more principles-based approach to hedge
accounting and addresses inconsistencies and weaknesses in the current model in IAS 39. The Company is
currently investigating the impact of IFRS 9 on its financial statements.
IFRS 15 “Revenue from Contracts with Customers”
(effective for annual periods beginning on or after 1 January 2018)
RS 15 has been issued in May 2014. The objective of the standard is to provide a single, comprehensive
revenue recognition model for all contracts with customers to improve comparability within industries,
across industries, and across capital markets. It contains principles that an entity will apply to determine
the measurement of revenue and timing of when it is recognised. The underlying principle is that an entity
will recognise revenue to depict the transfer of goods or services to customers at an amount that the entity
expects to be entitled to in exchange for those goods or services. The Company is currently investigating
the impact of IFRS 15 on its financial statements.
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 recognise 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 currently investigating the impact of IFRS 16 on its financial statements.
The standard has not yet been endorsed by the EU.
IAS 12 (Amendments) “Recognition of Deferred Tax Assets for Unrealised Losses”
(effective for annual periods beginning on or after 1 January 2017)
These amendments clarify the accounting for deferred tax assets for unrealised losses on debt instruments
measured at fair value. The amendments have not yet been endorsed by the EU.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
23 of 57
IFRS 7 “Financial instruments: Disclosures”
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.
IAS 19 “Employee benefits”
The amendment clarifies that, when determining the discount rate for post-employment benefit
obligations, it is the currency that the liabilities are denominated in that is important, and not the country
where they arise.
IAS 34 “Interim financial reporting”
The amendment clarifies what is meant by the reference in the standard to ‘information disclosed
elsewhere in the interim financial report’.
Standards and Interpretations effective for subsequent periods
IFRS 9 “Financial Instruments” and subsequent amendments to IFRS 9 and IFRS 7
(effective for annual periods beginning on or after 1 January 2018)
IFRS 9 replaces the guidance in IAS 39 which deals with the classification and measurement of financial
assets and financial liabilities and it also includes an expected credit losses model that replaces the
incurred loss impairment model used today. IFRS 9 establishes a more principles-based approach to hedge
accounting and addresses inconsistencies and weaknesses in the current model in IAS 39. The Company is
currently investigating the impact of IFRS 9 on its financial statements.
IFRS 15 “Revenue from Contracts with Customers”
(effective for annual periods beginning on or after 1 January 2018)
RS 15 has been issued in May 2014. The objective of the standard is to provide a single, comprehensive
revenue recognition model for all contracts with customers to improve comparability within industries,
across industries, and across capital markets. It contains principles that an entity will apply to determine
the measurement of revenue and timing of when it is recognised. The underlying principle is that an entity
will recognise revenue to depict the transfer of goods or services to customers at an amount that the entity
expects to be entitled to in exchange for those goods or services. The Company is currently investigating
the impact of IFRS 15 on its financial statements.
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 recognise 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 currently investigating the impact of IFRS 16 on its financial statements.
The standard has not yet been endorsed by the EU.
IAS 12 (Amendments) “Recognition of Deferred Tax Assets for Unrealised Losses”
(effective for annual periods beginning on or after 1 January 2017)
These amendments clarify the accounting for deferred tax assets for unrealised losses on debt instruments
measured at fair value. The amendments have not yet been endorsed by the EU.
Financial Statements as at 31 December 2016 (Amounts in Euros unless otherwise stated)
23 of 57
