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CONSOLIDATED FINANCIAL STATEMENTS
contributions account, the excess positive can be
recognised as an asset. This amendment had no
impact on the entity’s financial statements.
IFRIC 19
, “Regularization of financial liabilities with
equity instruments”. This interpretation clarifies
the accounting treatment to be adopted when
an entity renegotiates the terms of a debt which
results in the payment of liabilities by issuing
equity instruments (shares) to the creditor. A gain
or loss is recognized in the results of the exercise,
based on the fair value of equity instruments
issued and comparing with the book value of debt.
The simple reclassification of debt capital is not
allowed. This amendment had no impact on the
entity’s financial statements.
b) There are new standards, amendments
and interpretations to the existing standards,
which although they are already published, their
implementation is only required for annual periods
beginning on or after 1 July 2011:
Standards
IFRS 1 (amendment)
, “First-time adoption of
IFRS” (to apply for the financial years beginning
on or after July 1, 2011). This amendment is still
subject to adoption by the European Union.This
amendment includes a specific exemption for
the early adopters of IFRS that used to operate
in hyperinflationary economies. The exemption
allows an entity to elect to measure certain assets
and liabilities at fair value using the fair value
as “deemed cost” in the statement of financial
position for the opening IFRS. Another amendment
refers to the removal of dates on exceptions to
retrospective application of IFRS for the first time.
This amendment had no impact on the entity’s
financial statements.
IRFS 7 (amendment)
, “Financial instruments:
Disclosures” – Transfer of financial assets (to
apply for the financial years beginning on or
after July 1, 2011). This amendment to IFRS 7
refers to the disclosure requirements in respect
of financial assets transferred to third parties but
still recognised on the balance sheet by the entity
keeping obligations or continuing involvement.
This amendment had no impact on the entity’s
financial statements.
IAS 12 (amendment)
, “Income taxes” (to
apply for the financial years beginning on or
after 1 January 2012). This amendment is still
subject to adoption by the European Union.
This amendment requires an entity to measure
deferred tax related to assets depending on
whether the entity expects to recover the net
asset value through the use or sale, except for
investment properties measured in accordance
with the fair value model. This amendment
incorporates the principles in IAS 12 included in
SIC 21, which is repealed. This amendment has