185
ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2012
36. IFRS STANDARDS ALREADY ISSUED OR REVIEWED
AND FOR FUTURE APPLICATION
a)
the impacts of the adoption of standards and inter-
pretations that became effective on 1 January 2012,
are as follows:
Standards:
·
IFRS 7 (amendment)
, “Financial instruments: Disclo-
sures - Transfers of financial assets” (to apply for the
financial years beginning on or after 1 July 2011). This
amendment refers to disclosure requirements to be
made in respect of financial assets transferred to third
parties but not unrecognised by the entity maintain-
ing or continuing involvement obligations associated.
This amendment had no impact on the entity’s financial
statements.
b)
There are new standards, amendments and inter-
pretations to the existing standards, which although
they are already published, their implementation is
only required for annual periods beginning on or af-
ter 1 July 2012:
Standards:
·
IAS 1 (amendment)
, “Presentation of Financial State-
ments” (to apply for the financial years beginning on or
after 1 July 2012).This amendment requires entities to
present separately items on the hedge of Other com-
prehensive 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.
·
IAS 12 (amendment)
, “Income taxes” (to apply on the
European Union for the financial years beginning on or
after 1 January 2013).This amendment requires an en-
tity to measure deferred tax related to assets depend-
ing on whether the entity expects to recover the net
asset value through the use or sale, except for invest-
ment properties measured in accordance with the fair
value model. This amendment incorporates the princi-
ples in IAS 12 included in SIC 21, which is withdrawn.
This amendment has no impact on the entity’s financial
statements.
·
IAS 19 (review 2011)
, “Employee benefits” (to apply
for the financial years beginning on or after 1 January
2013).This review introduces significant differences in
the recognition and measurement of defined benefit
costs and benefits of employment termination as well
as disclosures to be made for all employee benefits. Ac-
tuarial come to be recognized immediately and only in
“Other comprehensive income” (accrued method not al-
lowed). The financial cost of created funds is calculated
on the basis of the net unanchored liability. The Benefits
of termination of employment only qualifies as such if
there is no employee obligation to provide future ser-
vice. The entity will apply IAS 19 in the year in which it
becomes effective.
·
Improvement of 2009-2011 standards
, to apply for
the financial years beginning on or after 1 January 2013.
This amendment is still subject to adoption by the Euro-
pean Union. This annual improvement process affects
the 2009-2011 standards: IFRS 1, IAS 1, IAS 16, IAS 32
and IAS 34. These improvements will be adopted, when
applied, except for the IFRS 1, which Ibersol already ap-
plies.
·
IFRS 1 (amendment)
, “First-time adoption of IFRS”
(to apply on the European Union for the financial years
beginning on or after 1 January 2013).This amendment
includes a specific exemption for the early adopters of
IFRS that used to operate in hyperinflationary econo-
mies. The exemption allows an entity to elect to meas-
ure certain assets and liabilities at fair value using the
fair value as “deemed cost” in the statement of financial
