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ANNUAL REPORT 2011
no impact on the entity’s financial statements.
IFRS 1 (amendment)
, “Presentation of Financial
Statements” (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
entities to present separately items on the hedge
of Other comprehensive income, depending on
whether they can be recycled or not in the future
by the income tax and its impact, if the items are
presented before tax. This amendment had no
impact on the entity’s financial statements.
IFRS 9 (new)
, “Financial instruments –
classification and measurement” (to apply for
the financial years beginning on or after 1
January 2013). This standard is still subject to
adoption by the European Union. IFRS 9 refers
to the first part of the new standard on financial
instruments and provides two categories of
measurements: amortised cost and fair value.
All instruments are measured at fair value.
A debt instrument is measured at amortised
cost only when the entity has to receive the
contractual cash flows and cash flows represent
the nominal and interest value. Otherwise
the debt instruments are valued at fair value
through earnings. The entity will apply the IFRS
9 in the year in which it becomes effective.
IFRS 10 (new)
, “Consolidated financial
statements” (to apply for the financial years
beginning on or after 1 January 2013). This
standard is still subject to adoption by the
European Union. The IFRS replaces all 10
principles associated with the control and
consolidation included in IAS 27 and SIC 12,
changing the definition of control and the criteria
for determining control. The basic assumption
that consolidated accounts present parent
company and subsidiaries as a single entity is
unchanged. The entity will apply the IFRS 10 in
the year in which it becomes effective.
IFRS 11 (new)
, “Joint agreements” (to apply
for the financial years beginning on or after
1 January 2013). This standard is still subject
to adoption by the European Union. IFRS 11
focuses on the rights and obligations of the joint
agreements rather than the legally ones. Joint
arrangements may be joint operations (rights
over assets and obligations) or joint ventures
(rights on net assets by applying the equity
method). Proportional consolidation is no longer
permitted. The entity will apply the IFRS 11 in
the year in which it becomes effective.
IFRS 12 (new)
“Disclosure of interests in
other entities” (to apply for the financial years
beginning on or after 1 January 2013). This
standard is still subject to adoption by the
European Union. This standard establishes
disclosure requirements for all types of
interests in other entities, including joint