202
CONSOLIDATED FINANCIAL STATEMENTS
• Annual Improvement 2011 - 2013,
(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.
• IFRS 9 (new),
“Financial instruments - classification
and measurement” (effective date not yet defined).
This standard is still subject to endorsement by Euro-
pean Union. IFRS 9 refers to the first part of financial
instruments new standard and comprises two meas-
urement categories: amortised cost and fair value. All
equity instruments are measured at fair value. Finan-
cial instrument are measured at amortised cost only if
the entity is holding it to collect contractual cash flows
and the cash flows represent principal and interest.
Otherwise financial instruments are measured at fair
value through profit and loss. The Entity will apply
IFRS 9 in the period it becomes effective.
• IFRS 9 (amendment),
“Financial instruments - hedge
accounting” (effective date not determined). This
amendment is still subject to endorsement by Eu-
ropean Union. This amendment is the third phase
of IFRS 9 and reflects a substantial overhaul of the
hedge accounting rules of IAS 39, removing the quan-
titative assessment of hedge effectiveness, allowing
more items to be eligible as hedged items and per-
mitting the deferral of certain impacts of hedging
instruments in Other comprehensive Income. This
amendment objective is to better reflect the risk
management practices. The Entity will apply IFRS 9 in
the period it becomes effective.
Interpretations:
• IFRIC 21 (new),
“Levies” (effective for annual periods
beginning on or after 1 January 2014). This standard
is still subject to endorsement by European Union. In-
terpretation to IAS 37 and the recognition of a liability,
clarifying that the obligation event that gives rise to a
liability to pay a levy is the activity described in the rele-
vant legislation that triggers thepayment. The Entitywill
apply this standard in the period it becomes effective.
The entity does not anticipate that the above changes
have a material impact on the consolidated financial
statements of future periods.
