167
B.3
ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS APPLIED IN 2012
B.4
ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT YET
APPLICABLE AND NOT ADOPTED EARLY BY THE GROUP
The basis of consolidation, the methods applied for translating
foreign company financial statements into the presentation
currency, the accounting standards as well as the accounting
estimates adopted are the same as those used for the
consolidated financial statements at 31 December 2011, except
for the accounting standards and amendments discussed
below and obligatorily applied with effect from 1 January 2012
after being endorsed by the competent authorities.
On 7 October 2010, the IASB published a number of
amendments to IFRS 7 – Financial Instruments: Disclosures.
On 12 November 2009, the IASB issued the first part of a new
accounting standard
IFRS 9 – Financial Instruments
, which
will supersede
IAS 39
-
Financial Instruments: Recognition
and Measurement
. This initial document addresses the
classification of financial instruments and forms part of a
three-phase project, whose second and third phases will
address the impairment methodology for financial assets
and the application of hedge accounting respectively. This
new standard, whose purpose is to simplify and reduce the
complexity of accounting for financial instruments, classifies
financial instruments in three categories that the reporting
entity defines according to its business model, and to the
contractual characteristics and related cash flows of the
instruments in question.
On 28 October 2010, the IASB published new requirements
on accounting for financial liabilities. These requirements
will be added to
IFRS 9
and complete the classification and
measurement phase of the project to replace
IAS 39
.
On 16 December 2011, the IASB published
Mandatory Effective
Date and Transition Disclosures (Amendments to IFRS 9 and
IFRS 7)
, which defers the mandatory effective date of
IFRS 9
from 1 January 2013 to 1 January 2015, while nonetheless leaving
the possibility of earlier application unchanged.
These amendments aim to improve the understanding of
transfer transactions of financial assets and the possible
effects of any risks that may remain with the entity that
transferred the assets. The amendments also require
additional disclosures if a disproportionate amount of transfer
transactions are undertaken around the end of a reporting
period. These amendments were published in the Official
Journal of the European Union on 23 November 2011 and
apply to financial years beginning on or after 1 July 2011. The
application of these amendments has not had any effect on
the Group’s financial statements.
On 20 December 2010, the IASB issued a document entitled
Deferred Tax: Recovery of Underlying Assets (Amendments
to IAS 12)
. The current version of IAS 12 requires the
recoverability of deferred tax assets to be assessed on the
basis of judgements concerning their possible use or sale.
The amendment provides a practical solution by introducing
a presumption in relation to investment property, and to
property, plant and equipment and intangible assets that
are recognised or measured at fair value. This presumption
assumes that a deferred tax asset will be fully recovered
through sale, unless there is clear evidence that its carrying
amount can be recovered through use.
As a result of the amendment of
IAS 12, SIC 21 - Income
Taxes: Recovery of Revalued Non-Depreciable Assets
will be
withdrawn.
The document was published in the Official Journal of the
European Union on 29 December 2012 and applies to financial
years beginning on or after 1 January 2012. The application of
these amendments is not considered to have a material impact
on the Group’s financial statements.
On 12 May 2011, the IASB issued
IFRS 10, IFRS 11 and IFRS 12
and amendments to
IAS 27 and IAS 28
.
