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Consolidated Financial Statements
position for the opening IFRS. Another amendment re-
fers to the removal of dates on exceptions to retrospec-
tive application of IFRS for the first time. This amend-
ment had no impact on the entity’s financial statements.
This amendment has no impact on the entity’s financial
statements.
·
IFRS 1 (amendment)
, “First-time adoption of IFRS -
Government loans” (to apply on the European Union
for the financial years beginning on or after 1 Janu-
ary 2013).This standard is still subject to adoption by
the European Union. This amendment aims to clarify
how entities adopting IFRS for the first time must ac-
count for a government loan with an interest rate be-
low the market rate. It also introduces an exemption
from retrospective application, similar to that given
to entities that have reported under IFRS in 2009.This
amendment has no impact on the entity’s financial
statements.
·
IFRS 10 (new)
, “Consolidated financial statements”
(to apply for the financial years beginning on or after 1
January 2014). The IFRS 10 replaces all principles associ-
ated 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 en-
tity will apply the IFRS 10 in the year in which it becomes
effective.
·
IFRS 11 (new)
, “Joint agreements” (to apply for the fi-
nancial years beginning on or after 1 January 2014).IFRS
11 focuses on the rights and obligations of the joint
agreements rather than the legal form. Joint arrange-
ments may be joint operations (rights over assets and
obligations) or joint ventures (rights on net assets by ap-
plying 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 Jan-
uary 2014).This standard establishes disclosure require-
ments for all types of interests in other entities, including
joint ventures, associates and special purpose entities, in
order to assess the nature, risk and financial impacts as-
sociated with the interest of the Entity. The entity will apply
the IFRS 12 in the year in which it becomes effective.
·
IFRS 10, IFRS 11 and IFRS 12 amendments
– “Transi-
tion regime” ”(to apply for the financial years beginning
on or after 1 January 2013). This amendment is still sub-
ject to adoption by the European Union. According to
IAS 27/SIC 12, when the application of IFRS 10 results in
an accounting treatment of a financial investment far
different than the previous, the comparatives must be
restated but only for the previous period, and differenc-
es arising at the date of beginning of the comparative
period are recognized in equity. The entity will apply this
standard in the year in which it becomes effective.
·
IFRS 10, IFRS 12 and IAS 27 amendments
– “Financial
holdings”(to apply for the financial years beginning on or
after 1 January 2014). This amendment is still subject to
adoption by the European Union. Since all investments
are measured at fair value, this amendment includes the
definition of financial holding entity and introduces the
scheme exception to the obligation to consolidate for fi-
nancial holding entities that qualify as such. Specific dis-
closures are required by IFRS 12. The entity will apply this
standard in the year in which it becomes effective.
·
IFRS 13 (new)
, “Fair value: measurement and disclo-
sure” (to apply for the financial years beginning on or
after 1 January 2013).The IFRS 13 is intended to improve
consistency, by providing a precise definition of fair
value and provides the only source of measurement
and disclosure requirements for fair value to be applied
crosswise for all IFRS. The entity will apply the IFRS 13 in
the year in which it becomes effective.
