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ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2013
• IFRS 1 (amendment),
“First-time adoption of IFRS -
Government loans”. This amendment clarifies how a
first-time-adopter would account for a government
loan with a below-market rate of interest when transi-
tioning to IFRS. It also adds an exception to the retro-
spective application of IFRS, giving the same relief that
was granted to existing preparers in 2009. The adop-
tion of this amendment had no impact in the financial
statements, since the Entity already applies IFRS.
• IFRS 7 (amendment),
“Disclosures - Offsetting Finan-
cial Assets and Financial Liabilities”. This amendment
is part of the IASB offsetting project which introduc-
es new disclosure requirements about entity’s right to
offset (assets and liabilities), the amounts offset, and
the effects of these in the credit exposure. The adop-
tion of this amendment had no impact in the financial
statements.
• IFRS 13 (new),
“Fair value measurement and disclo-
sure”. IFRS 13 aims to improve consistency by provid-
ing a precise definition of fair value and a single source
of fair value measurement, and disclosure require-
ments for use across IFRSs. The adoption of this stand-
ard had no impact in the financial statements.
Interpretations:
• IFRIC 20 (new),
“Stripping costs in the production
phase of a surface mine”. This interpretation refers to
the accounting of overburden waste removal costs in
the production phase of a surface mine, as an asset,
considering that the waste removal generates two po-
tential benefits: immediate extraction of mineral re-
sources and improved access to further quantities of
mineral resources to be extracted in the future. The
adoption of this interpretation had no impact in the
financial statements.
