200
CONSOLIDATED FINANCIAL STATEMENTS
b)
The following standards, amendments to existing
standards and interpretations have been published
and are mandatory for the Entity’s accounting periods
beginning on or after 1 January 2014 or later periods,
but that the Entity has not early adopted:
• IFRS 10 (new),
– “Consolidated financial statements”
(to be applied in EU at the latest in the annual periods
beginning on or after 1 January 2014). IFRS 10 replaces
all the guidance on control and consolidation in IAS 27
and SIC 12, changing the definition of control and the
criteria applied to determine control. The core princi-
pal that a consolidated entity presents a parent and
its subsidiaries as a single entity remain unchanged.
The Entity will apply IFRS 10 in the period it becomes
effective.
• IFRS 11 (new),
– “Joint arrangements” (to be applied in
EU at the latest in the annual periods beginning on or
after 1 January 2014). IFRS 11, focus on the rights and
obligations of the joint arrangements rather than its
legal form. Joint arrangements can be joint operations
(rights to the assets and obligations) or joint ventures
(rights to net assets, applying equity method).Propor-
tional consolidation of joint venture is no longer al-
lowed. The Entity will apply IFRS 11 in the period it be-
comes effective. It is not expected that its application
has significant impacts.
• IFRS 12 (new),
“Disclosure of interest in other enti-
ties” (to be applied in EU at the latest in the annual
periods beginning on or after 1 January 2014). This
standard sets out the required disclosures for all
types of interests in other entities, such as: subsidi-
aries, joint arrangements, associates and structured
entities, to allow the evaluation of the nature, risks
and financial effects associated with entity’s interests.
The Entity will apply this standard in the period it be-
comes effective.
• Amendment to IFRS 10, 11 and 12,
“Transition guid-
ance” (to be applied in EU at the latest in the annual pe-
riods beginning on or after 1 January 2014). This amend-
ment clarifies that, when from the adoption of IFRS 10
results a different accounting treatment from IAS 27/
SIC12 application, the comparatives must be adjusted
to only the preceding comparative period, being the dif-
ferences calculated recognised as at the beginning of
the comparative period, in equity. The IFRS 11 amend-
ment refers to the obligation of impairment testing over
the financial investment, which results from the propor-
tional consolidation elimination. Specific disclosures re-
quirements are included in IFRS 12. The Entity will apply
this amendment in the period it becomes effective.
• IAS 27 (review 2011),
“Separate financial statements” (to
be applied in EU at the latest in the annual periods begin-
ning on or after 1 January 2014). IAS 27 was revised after
the issuance of IFRS 10 and contains the accounting and
disclosure requirements for investments in subsidiaries,
joint ventures and associates when the entity prepares
separate financial statements. The Entity will apply the
revised standard in the period it becomes effective.
• IAS 28 (review 2011),
“Investments in associates and
joint ventures” (to be applied in EU at the latest in
the annual periods beginning on or after 1 January
2014). IAS 28 was revised after the issuance of IFRS
11 and prescribes the accounting for investments in
associates and joint ventures, and sets out the re-
quirements for the application of equity method. The
Entity will apply the revised standard in the period it
becomes effective.
