187
ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2012
·
IAS 27 (review 2011)
, “Separate financial statements”
(to apply for the financial years beginning on or after 1
January 2014).IAS 27 was revised after the issue of IFRS
10 and contains the accounting and disclosure require-
ments for investments in subsidiaries and joint ven-
tures and associates when an entity prepares separate
financial statements. The entity will apply the IAS 27 in
the year in which it becomes effective.
·
IAS 28 (review 2011),
“Investments in associates and
joint ventures” (to apply for the financial years begin-
ning on or after 1 January 2014).IAS 28 was revised after
the issue of IFRS 11 and prescribes the accounting treat-
ment of investments in associates and establishes the
requirements for applying the equity method. The en-
tity will apply the IAS 28 in the year in which it becomes
effective.
·
IRFS 7 (amendment), “Disclosures”
– offsetting of fi-
nancial assets and liabilities (to apply for the financial
years beginning on or after January 1, 2013).This amend-
ment is part of the project of “compensation of assets
and liabilities” of the IASB and introduces new disclosure
requirements on unaccounted paid duties (of assets and
liabilities), on offset assets and liabilities and on remuner-
ate risk exposure credit effect. The entity will apply the
IFRS 7 in the year in which it becomes effective.
·
IAS 32 (amendment)
, “Offset of financial assets and
liabilities” (to apply for the financial years beginning on
or after 1 January 2014).This amendment is part of the
project of “compensation of assets and liabilities” of the
IASB which clarifies the term “currently holds the legal
right to compensation” and clarifies that in some sys-
tems the gross settlement (clearing) may be equivalent
to the compensation by net amounts The entity will ap-
ply the IAS 32 in the year in which it becomes effective.
·
IFRS 9 (new)
, “Financial instruments – classification
and measurement” (to apply for the financial years be-
ginning on or after 1 January 2015). This standard is still
subject to adoption by the European Union. IFRS 9 re-
fers to the first part of the new standard on financial
instruments and provides two categories of measure-
ments: amortised cost and fair value. All instruments
are measured at fair value. A debt instrument is meas-
ured at amortised cost only when the entity has to re-
ceive the contractual cash flows and cash flows repre-
sent 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.
Interpretations:
·
IFRIC 20 (new)
, “Breakthrough costs in the production
phase of an open pit mine” (to apply for the financial
years beginning on or after 1 January 2013).Whereas
the removal of the waste generates two potential bene-
fits: the immediate extraction of mineral resources and
the opening of access to quantity additional mineral re-
sources extracted in the future, this amendment refers
to the accounting of the costs of waste removal in the
initial phase of an open pit mine. This amendment had
no impact on the entity’s financial statements.
The entity does not anticipate that the above changes
have a material impact on the consolidated financial
statements of future periods.
37. SUBSEQUENT EVENTS
There were no subsequent events as of 31 December
2012 that may have a material impact on these financial
statements.
38. APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements were approved by the Board of
Directors and authorised for emission on 1
st
April 2013.
