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36. IFRS STANDARDS ALREADY ISSUED OR
REVIEWED AND FOR FUTURE APPLICATION
a) the impacts of the adoption of standards and in-
terpretations that became effective on 1 January
2014, are as follows:
Standards:
• IAS 32
(amendment) ‘Offsetting Financial Assets and
Financial Liabilities’. 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 systems
(clearing houses) may be equivalent to net settle-
ment. The adoption of this amendment had no im-
pact in the financial statements.
• IAS 36
(amendment) ‘Recoverable amount disclo-
sure for Non-financial assets’. This standard addresses
the disclosure of information about the recoverable
amount of impaired assets when based on fair value
less cost to sell model. The adoption of this amend-
ment had no impact in the financial statements.
• IAS 39
(amendment) ‘Novation of derivatives and
continuation of hedge accounting’. This amendment
allow hedge accounting to continue in a situation
where a derivative designated as a hedging instru-
ment, is novated to effect clearing with a central
counterparty as a result of laws and regulation, if spe-
cific conditions are met. The adoption of this amend-
ment had no impact in the financial statements.
• IFRS 10
(new), ‘Consolidated financial statements’.
IFRS 10 replaces all the guidance on control and con-
solidation in IAS 27 and SIC 12, changing the defini-
tion of control and the criteria applied to determine
control. The core principle that a consolidated entity
presents a parent and its subsidiaries as a single en-
tity remain unchanged. The adoption of this amend-
ment had no impact in the financial statements.
• IFRS 11
(new), ‘Joint arrangements’. IFRS 11, focus
on the rights and obligations of the joint arrange-
ments rather than its legal form. Joint arrangements
can be joint operations (rights to the assets and obli-
gations) or joint ventures (rights to net assets, apply-
ing equity method).Proportional consolidation of
joint venture is no longer allowed. The adoption of
this amendment had impact in the financial state-
ments (Note 2.1).
• 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 inter-
ests. The adoption of this amendment had no im-
pact in the financial statements.
• Amendment to IFRS 10, 11 and 12
, ‘Transition
guidance’. This amendment clarifies that, when
from the adoption of IFRS 10 results a different ac-
counting treatment from IAS 27/SIC12 application,
the comparatives must be adjusted to only the pre-
ceding comparative period, being the differences
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
proportional consolidation elimination. Specific dis-
closures requirements are included in IFRS 12. The
adoption of this amendment had no impact in the
financial statements.
