201
ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2013
• IAS 32 (amendment),
“Offsetting Financial Assets and
Financial Liabilities” (effective for annual periods be-
ginning on or after 1 January 2014). This amendment
is part of the IASB offsetting project which clarifies the
meaning of “currently has a legally enforceable right to
set-off”, and clarifies that some gross settlement sys-
tems (clearing houses) may be equivalent to net set-
tlement. The Entity will apply this amendment in the
period it becomes effective.
• IAS 36 (amendment),
“Recoverable amount disclosure
for Non-financial assets” (effective for annual periods
beginning on or after 1 January 2014). This standard
addresses the disclosure of information about the re-
coverable amount of impaired assets when based on
fair value less cost to sell model. This amendment is
not expected to have impact on the Entity’s financial
statements.
• IAS 39 (amendment),
“Novation of derivatives and
continuation of hedge accounting” (effective for an-
nual periods beginning on or after 1 January 2014).
This amendment allow hedge accounting to contin-
ue in a situation where a derivative designated as
a hedging instrument, is novated to effect clearing
with a central counterparty as a result of laws and
regulation. This amendment is not expected to have
impact on the Entity’s financial statements.
• Amendment to IFRS 10, 11 and IAS 27
- “Investment
entities” (effective for annual periods beginning on or
after 1 January 2014). This amendment defines an in-
vestment entity and introduces an exception from con-
solidation under IFRS 10, for the investment entities
that qualify, for which all investments in subsidiaries
are required to be measured at fair value through prof-
it and loss under IAS 39. Specific disclosures require-
ments are included in IFRS 12. The Entity will apply this
amendment in the period it becomes effective.
• IAS 19 (amendment),
“Defined benefit plans – Em-
ployee contributions” (effective for annual periods
beginning on or after 1 July 2014). This standard is
still subject to endorsement by European Union. This
amendment apply to contributions from employees
or third parties to defined benefit plans and aims to
simplify the accounting when contributions are in-
dependent of the number of years of service. This
amendment is not expected to have impact on the
Entity’s financial statements.
• Annual Improvement 2010 - 2012,
(generally effective
for annual periods beginning on or after 1 July 2014).
These improvements are still subject to endorsement
by European Union. The 2011-2013 annual improve-
ments affects: IFRS 1, IFRS 3, IFRS 13 and IAS 40. The
Entity will apply 2011-2013 annual improvements in
the period it becomes effective, except for IFRS 1 be-
cause the Entity already reports under IFRS.
